Arteria also helps business users negotiate contracts.
The startup business is currently focused on using AI technology to analyze contracts, while its product has the capability to draft contracts using templates (i.e., Arteria Draft). The approach harnesses data to generate better information at scale, driving significant gains in speed and efficiency to clients,” said Robert Antoniades, general partner at Information Venture Partners, in a press release. Arteria approaches the digital contract problem differently. “Current practices for drafting, negotiating, and managing contracts are massively inefficient.
According to BetaKit, Deloitte is no longer a shareholder in the startup company. The investor's portfolio includes Coconut Software, LendingFront (a small business lending startup company), and Procurify. Information Venture Partners, based in Toronto, invests in fintech and enterprise software as service companies. Investors in the AI startup business include Information Venture Partners, Illuminate Financial Management, Golden Ventures, and StandUp Ventures. Based in Canada, the company plans to use its new funding to expand to New York and the United Kingdom (UK). Known initially as dTrax, the company rebranded last year to Arteria AI and has raised $11 million in Series A funding. The business was initially developed at Deloitte, a professional services business that offers accounting, tax, and consulting services. Artificial intelligence (AI) business Arteria AI has an unusual origin story.
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