Toronto-based Arteria AI, a company specializing in applying artificial intelligence to extract data from financial documents for enhanced contract efficiency, has announced a successful fundraising round, securing $30 million in funding.

‍

With this new funding, Arteria AI's total funding now stands at $50 million. Arteria's technology is employed by financial institutions to streamline capital market transactions by processing documents through its AI-enabled platform, extracting data from extensive amounts of unstructured information, covering various contract areas like trading, lending, and asset management.

‍

The technology uses AI during the drafting and negotiation phase of contract work, offering collaborators insights into time consumption and bottlenecks. Over time, the AI develops an understanding of documentation and data patterns, enhancing consistency and facilitating critical decision-making.

‍

Since its launch in 2020, Arteria has experienced significant demand for its platform, achieving tripled revenue growth in the past year. The company plans to utilize the newly acquired funds to further develop its AI-enabled data extraction technology and expand its market strategy.

‍