Document intelligence technology firm Claira secured a strategic investment from Citi Spread Products Investment Technologies (SPRINT), the investing arm of the bank’s Global Spread Products division.

Claira did not disclose the quantum of the investment.

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The fintech plans to use the investment to support its product development and accelerate the digital transformation.

As a part of the deal, Citi will work with Claira on document intelligence to develop data analysis solutions to support its business.

Initially, the bank will collaborate on municipal prospectuses and collateralized loan obligations (CLO).

Claira leverages proprietary natural language understanding (NLU) technology to provide data insights embedded within financial agreements and delivers it in a standardised format that can be used for pricing, trading, risk and operational processes.

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Finance professionals can use Claira’s solution to interpret legal contract language ‘quickly’ and ‘more accurately’ to negotiate complex agreements, reduce business risk and identify market opportunities.

Citi global co-head of secondary CLO, ABS and CDO trading Vitaliy Kozak said: “We are excited about Claira and the new document intelligence solutions the team is bringing to the market. CLO professionals can spend more than 20 minutes analyzing a single structured credit document.

“Through Claira’s technology, the document analysis process is vastly reduced, cutting to mere minutes the time it takes to extract relevant sections, perform initial analysis, and interpret results to deliver actionable insights on pricing.”

Claira co-founder Eric Chang said: “Financial institutions recognise the importance of accurately capturing and evaluating stipulations, terms and conditions and other transaction terms across their business, but most tools currently available are not able to decipher complex financial transactions.

“Claira was incubated within Exos Financial, and we are excited to now collaborate with Citi SPRINT to bring next-generation document intelligence and help create massive time efficiencies for their industry-leading Spread Products business.”

Recently, Citi joined Canada’s BDC Capital in backing digital documentation specialist Arteria AI.