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June 30, 2022

Document intelligence fintech Claira secures investment from Citi

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.

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Claira did not disclose the quantum of the investment.

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.

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.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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