Existing backers BDC Capital, Information Venture Partners and Citi also invested in the all-equity, all-primary round. Arteria will use the new capital to refine its technology and expand its sales teams in New York and London, CEO Shelby Austin said in an interview. (The Logic)

Talking point: Financial-services clients—which include Wall Street giants Goldman Sachs and Citi—use Arteria’s platform to produce analytics, documents and paperwork from unstructured data and other information in their systems. AI has been a rare bright spot in a gloomy venture capital outlook this year. Arteria, which was spun out of Deloitte in 2020, described the round as oversubscribed. “We’re Goldilocks people,” Austin said, noting that while Arteria offers generative tools, it isn’t building foundational models that cost hundreds of millions of dollars. “In applied AI, you want to take enough to have a real business” that’s growing and generating revenue. Still, compute, data and engineers don’t come cheap, Austin said. In Menlo Park, Calif.-based GGV, Arteria has added a blue-chip enterprise SaaS investor to its cap table.