Modernizing Contract Data with Arteria.ai Co-Founder and CRO, Abrar Huq

Abrar Huq - Co-Founder & CRO Arteria AI:

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were providing defensibility so

Abrar Huq - Co-Founder & CRO Arteria AI:

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that when a regulator came and asked

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where an institution was on the remediation activity, um, or to report on,

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the level of exposure that an institution has

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.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Abrar Huq The co-founder and chief revenue Officer for Arteria ai.

Abrar Huq - Co-Founder & CRO Arteria AI:

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He's a former lawyer and AI expert, and Abrar specializes in delivering AI

Abrar Huq - Co-Founder & CRO Arteria AI:

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and technology products and solutions.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Really focused from the legal industry perspective.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Now, prior to Arteria Abrar was a partner at Deloitte Canada in o, in

Abrar Huq - Co-Founder & CRO Arteria AI:

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the Omnia AI artificial intelligence practice, where he was the operations

Abrar Huq - Co-Founder & CRO Arteria AI:

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lead overseeing the daily operations of the practice, and over 500 plus

Abrar Huq - Co-Founder & CRO Arteria AI:

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practitioners across Canada and Chile.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Abrar welcome to the.

Abrar Huq - Co-Founder & CRO Arteria AI:

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show

Abrar Huq - Co-Founder & CRO Arteria AI:

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Thanks for having me, Tedd

Tedd Huff - Host, Fintech Confidential:

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Tune in,

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as we go through and we discuss Arteria AI's innovative approach to helping banks

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and other fintechs make faster and more informed decisions and hear more about.

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Abrar's expertise in AI in the legal industry,

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and listen all the way to the end because he is gonna provide some

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guidance for FinTech founders on how to build a successful company.

Tedd Huff - Host, Fintech Confidential:

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Abrar before we start diving into Arteria's past and present and future, how

Tedd Huff - Host, Fintech Confidential:

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did you first become interested in FinTech and what led you to found co-found?

Tedd Huff - Host, Fintech Confidential:

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Arteria

Abrar Huq - Co-Founder & CRO Arteria AI:

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That's a great question.

Abrar Huq - Co-Founder & CRO Arteria AI:

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It's

Abrar Huq - Co-Founder & CRO Arteria AI:

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an, Not an easy answer, uh, but,

Abrar Huq - Co-Founder & CRO Arteria AI:

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I'll take you through a little bit of the, uh, the background

Abrar Huq - Co-Founder & CRO Arteria AI:

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I've.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Spent some time

Abrar Huq - Co-Founder & CRO Arteria AI:

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in the legal industry.

Abrar Huq - Co-Founder & CRO Arteria AI:

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My background is in law.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, it's not in banking, it's not necessarily in finance.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Although I did do an undergraduate degree in finance.

Abrar Huq - Co-Founder & CRO Arteria AI:

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It didn't really, uh, turn into anything professionally.

Abrar Huq - Co-Founder & CRO Arteria AI:

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I went straight into law school after that,

Abrar Huq - Co-Founder & CRO Arteria AI:

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but I quickly realized that I didn't want to be practicing

Abrar Huq - Co-Founder & CRO Arteria AI:

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law on a day-to-day basis.

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That wasn't what got me excited in the morning, what got me

Abrar Huq - Co-Founder & CRO Arteria AI:

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excited in the morning, and what got me outta bed was doing.

Abrar Huq - Co-Founder & CRO Arteria AI:

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New and interesting and innovative things and thinking about things

Abrar Huq - Co-Founder & CRO Arteria AI:

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differently and how to approach traditional problems in a different way.

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And that started out in a very legal focused,

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one of my first, uh, jobs out, out of.

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Law school was not as a practicing lawyer, but actually working at a legal technology

Abrar Huq - Co-Founder & CRO Arteria AI:

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company, uh, that had been founded by Arteria AI's Current CEO Shelby Austin.

Abrar Huq - Co-Founder & CRO Arteria AI:

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We grew that startup to about a couple hundred people.

Abrar Huq - Co-Founder & CRO Arteria AI:

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We were focused on a similar type of problem to what we are

Abrar Huq - Co-Founder & CRO Arteria AI:

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today, although more focused.

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on How law firms delivered their services.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, it was more of a people oriented business than a, than

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a technology oriented business.

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We successfully exited that business, selling that business to Deloitte, which

Abrar Huq - Co-Founder & CRO Arteria AI:

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is how we ended up at, at Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, once we got to Deloitte, uh, we were the.

Abrar Huq - Co-Founder & CRO Arteria AI:

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The data people, the analytics people, uh, not necessarily in financial

Abrar Huq - Co-Founder & CRO Arteria AI:

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services specifically, but because of where we were, who we worked with,

Abrar Huq - Co-Founder & CRO Arteria AI:

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who our client base was, um, banking especially, uh, in, in Canada where,

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where we were based, uh, and still are based and headquartered banking

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is one of the biggest industries here.

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Uh, the, the, the big five Canadian banks, uh, Generate a lot of

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revenue for the consultant firm.

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So at Deloitte, they were a big priority for us.

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And so, uh, that is how I became a financial services practitioner

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consultant in those days.

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Uh, starting out focused on data and analytics problems, uh, ultimately

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into delivering AI programs for.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Financial institutions.

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Uh, and that was sort of my first foray into fintechs.

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Uh, and it was there at Deloitte that we ultimately built the

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foundation for what is now Arteria ai.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, we initially called it Detrax We built it, uh, at Deloitte,

Abrar Huq - Co-Founder & CRO Arteria AI:

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incubated it within Deloitte, uh, within their Omnia AI practice.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, that's where Shelby and I met our third co-founder at

Abrar Huq - Co-Founder & CRO Arteria AI:

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R2 ai, Jonathan Wong, who was.

Abrar Huq - Co-Founder & CRO Arteria AI:

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The product lead and ran the product factory, uh, for, for

Abrar Huq - Co-Founder & CRO Arteria AI:

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Deloitte's AI practice there.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and we developed, uh, what is now known as Arteria Uh, at

Abrar Huq - Co-Founder & CRO Arteria AI:

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Deloitte we were able to get a little bit of success, uh, with.

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With our banking clients and financial services clients, uh, through the

Abrar Huq - Co-Founder & CRO Arteria AI:

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Deloitte network and through our existing, uh, client base at, at Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and we're able to really incubate a product that really got to, uh, uh, A

Abrar Huq - Co-Founder & CRO Arteria AI:

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decent amount of, uh, product market fit.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and we knew we had something here.

Abrar Huq - Co-Founder & CRO Arteria AI:

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We knew we needed to put the, the foot on the gas.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and, and that really precipitated, uh, the spin out from Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

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So we ultimately left Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, With a, with a, as a spin out.

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Um, and we were able to, we were able to do that and, and also to get, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

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VC funding, uh, shortly thereafter.

Abrar Huq - Co-Founder & CRO Arteria AI:

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So we did a series, uh, series A, uh, several months after we

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spun out from, from Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and that has really, Accelerated and, and propelled us in our journey

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as an independent company that still has a good, very good relationship with

Abrar Huq - Co-Founder & CRO Arteria AI:

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Deloitte, uh, and works closely with Deloitte in a lot of, uh, a lot of realms,

Abrar Huq - Co-Founder & CRO Arteria AI:

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although we are fully independent today.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and that takes us to the, the journey that, uh, that we're on right now,

Abrar Huq - Co-Founder & CRO Arteria AI:

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uh, which is our, uh, second startup journey for, for Shelby and I, uh, and,

Abrar Huq - Co-Founder & CRO Arteria AI:

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uh, a little bit of a, uh, a return to our roots as, as entrepreneurs.

Tedd Huff - Host, Fintech Confidential:

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Uh, you know, that journey

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is, is very, Telling.

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I mean, a lot of people fall into those types of situations where you start one

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thing, it gets acquired, it transforms into something different, and then

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spawns off a completely new industry or vertical that you're playing in.

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And you mentioned a number of, of pieces in there, but I'm really curious.

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For you to tell me about the Arteria AI vision and mission for

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improving client document processes, especially in the financial industry.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Yeah, so our, our, our

Abrar Huq - Co-Founder & CRO Arteria AI:

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mandate is, is pretty simple.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, at the end of the day, uh, we want to.

Abrar Huq - Co-Founder & CRO Arteria AI:

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make Contracting and documentation processes frictionless.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, too often, especially in financial services, uh, these are manual processes

Abrar Huq - Co-Founder & CRO Arteria AI:

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that are rife with friction points, not just for, uh, for clients or

Abrar Huq - Co-Founder & CRO Arteria AI:

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customers of a financial institution, uh, but also bankers and those that are

Abrar Huq - Co-Founder & CRO Arteria AI:

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working within a financial institution.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Documentation's often been forgotten and Digital transformation remains analog,

Abrar Huq - Co-Founder & CRO Arteria AI:

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and our mission is to ensure that.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Documentation is frictionless and that we enable data flow within an organization.

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That's the second part of our mission and our mandate.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Everything that we do is around data that, that comes from a little

Abrar Huq - Co-Founder & CRO Arteria AI:

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bit of our roots at Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Having spent, uh, uh, fair bit of time, uh, Devoted to, uh, developing

Abrar Huq - Co-Founder & CRO Arteria AI:

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and helping finance institutions with data related problems.

Abrar Huq - Co-Founder & CRO Arteria AI:

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We think about documentation in a very data oriented way.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and you see that manifest in our company name Arteria AI as well.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, it's the, as some of.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Some of you may have surmised already.

Abrar Huq - Co-Founder & CRO Arteria AI:

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It comes from the Latin root for, for artery, uh, and we think of data as

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being the vital lifeblood of a financial institution, really, of any organization,

Abrar Huq - Co-Founder & CRO Arteria AI:

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not not just financial institutions.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and documents are these.

Abrar Huq - Co-Founder & CRO Arteria AI:

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These very important critical arteries that carry all of this

Abrar Huq - Co-Founder & CRO Arteria AI:

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data within an organization.

Abrar Huq - Co-Founder & CRO Arteria AI:

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And ultimately, the their documents are, are, are the basis for which

Abrar Huq - Co-Founder & CRO Arteria AI:

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relationships are formed within, uh, within humankind, but also within.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Within financial institutions as well.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Anytime a financial solution interacts with the customer, there's

Abrar Huq - Co-Founder & CRO Arteria AI:

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typically a document involved in data that's locked within that document.

Abrar Huq - Co-Founder & CRO Arteria AI:

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So we help to enable the flow of all of that data

Tedd Huff - Host, Fintech Confidential:

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That is a big piece.

Tedd Huff - Host, Fintech Confidential:

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I.

Tedd Huff - Host, Fintech Confidential:

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was just Talking to a couple people today, actually one of,

Tedd Huff - Host, Fintech Confidential:

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one of my good friends said,

Tedd Huff - Host, Fintech Confidential:

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Hey, I sent a contract and an invoice over to somebody.

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I don't even know if they've looked at it.

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they said they can't read the banking stuff, but.

Tedd Huff - Host, Fintech Confidential:

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I typed it in, so how can they not read it?

Tedd Huff - Host, Fintech Confidential:

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That type of friction I could see where a product like Arteria AI streamlines

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that and gives you a little bit better understanding of your accounts receivables

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and what kind of other things may be going on, which makes it

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really one of the things that.

Tedd Huff - Host, Fintech Confidential:

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I wanted to learn a little bit more about, and if you could please share

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with us more about the team behind Arteria AI and their experiences in

Tedd Huff - Host, Fintech Confidential:

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legal and financial industries that, that really bring that to the forefront

Abrar Huq - Co-Founder & CRO Arteria AI:

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yeah, it's, it's a, this is one of the,

Abrar Huq - Co-Founder & CRO Arteria AI:

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my, my favorite teams that I've ever worked with in, uh, in my entire career.

Abrar Huq - Co-Founder & CRO Arteria AI:

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And we have very varying and diverse backgrounds, uh, and

Abrar Huq - Co-Founder & CRO Arteria AI:

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that helps us to think about.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Clients differently.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Think about client problems differently.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Um, so you obviously have folks that have, uh, the legal background, myself,

Abrar Huq - Co-Founder & CRO Arteria AI:

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Shelby, uh, or our CEO is also, uh, an ex attorney back in her day, uh, former

Abrar Huq - Co-Founder & CRO Arteria AI:

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partner at a law firm in a previous life.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Um, we've since moved on and then became data people, uh, through our

Abrar Huq - Co-Founder & CRO Arteria AI:

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time at at Deloitte and consultants.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, our team also consists of bankers, ex-bankers that have spent time.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Dealing with documentation, really being, feeling the pain that that finance

Abrar Huq - Co-Founder & CRO Arteria AI:

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institutions are doing, uh, or feeling when they're dealing with documentation.

Abrar Huq - Co-Founder & CRO Arteria AI:

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So they've been on the front lines, they've experienced what, what,

Abrar Huq - Co-Founder & CRO Arteria AI:

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uh, what documentation means.

Abrar Huq - Co-Founder & CRO Arteria AI:

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They also understand what the impact is downstream of having

Abrar Huq - Co-Founder & CRO Arteria AI:

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better documentation processes.

Abrar Huq - Co-Founder & CRO Arteria AI:

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What does that enable for, for the institution?

Abrar Huq - Co-Founder & CRO Arteria AI:

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How, what does that enable for a customer?

Abrar Huq - Co-Founder & CRO Arteria AI:

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These are the types of things that.

Abrar Huq - Co-Founder & CRO Arteria AI:

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we're Able to to get, I myself have never worked at a financial institution.

Abrar Huq - Co-Founder & CRO Arteria AI:

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I've worked with financial institutions for my entire career, but, and have spent

Abrar Huq - Co-Founder & CRO Arteria AI:

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a lot of time on, on, on, in offices and, uh, head offices and, uh, a lot of

Abrar Huq - Co-Founder & CRO Arteria AI:

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boardrooms with financial institutions but never been on the other side.

Abrar Huq - Co-Founder & CRO Arteria AI:

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But we have.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Bankers that work with us now, uh, on our team that provide that lens and

Abrar Huq - Co-Founder & CRO Arteria AI:

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are the advocates for the clients.

Abrar Huq - Co-Founder & CRO Arteria AI:

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And you really see that in our product.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Uh, and then also from a technical perspective, we've been very

Abrar Huq - Co-Founder & CRO Arteria AI:

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fortunate to, uh, to be able to bring together, uh, really an

Abrar Huq - Co-Founder & CRO Arteria AI:

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incredible, uh, technical roster.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Um, I mentioned our, our.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Third co-founder Jonathan Wong's, also our cto, um, who ran the

Abrar Huq - Co-Founder & CRO Arteria AI:

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product factory at, uh, at Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

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We also have heading off our data science team that leads all

Abrar Huq - Co-Founder & CRO Arteria AI:

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of our AI initiatives, uh, Dr.

Abrar Huq - Co-Founder & CRO Arteria AI:

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Amir Hajian who, uh, has spent his entire career working, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

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on very complex, uh, problems.

Abrar Huq - Co-Founder & CRO Arteria AI:

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And we're very lucky that he is chosen to make documentation, his problem

Abrar Huq - Co-Founder & CRO Arteria AI:

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for, uh, for this period of time.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:12:28

But he's.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:12:30

Grew up, uh, as an astrophysicist, uh, as he likes to tell me he mapped

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:12:35

the universe, uh, or was trying to map the universe in his previous life.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:12:40

Uh, and we're just very fortunate to be able to, to have that caliber of thinker,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:12:46

that caliber of experience brought into the fold here and, and you really are able

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:12:53

to create some magical things when you bring such diverse backgrounds together.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:12:58

and Put them in a room with a whiteboard, uh, and give them, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:13:04

uh, a banking problem or a lending problem or a payments problem.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:13:09

And all of a sudden, all these different perspectives are able to

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:13:12

really create something that's that's really unique and really magical.

Tedd Huff - Host, Fintech Confidential:

: 00:13:17

With that diverse of a group.

Tedd Huff - Host, Fintech Confidential:

: 00:13:19

I mean that.

Tedd Huff - Host, Fintech Confidential:

: 00:13:19

is Amazing to have that kind of a group to work together.

Tedd Huff - Host, Fintech Confidential:

: 00:13:25

Former bankers, former attorneys, astrophysicists.

Tedd Huff - Host, Fintech Confidential:

: 00:13:30

that is a crazy mixture of people.

Tedd Huff - Host, Fintech Confidential:

: 00:13:34

How, let me word it this way.

Tedd Huff - Host, Fintech Confidential:

: 00:13:38

What have been some of the biggest lessons that you and the

Tedd Huff - Host, Fintech Confidential:

: 00:13:43

Arteria AI team have learned?

Tedd Huff - Host, Fintech Confidential:

: 00:13:46

Through the process, especially having such a diverse group of people looking

Tedd Huff - Host, Fintech Confidential:

: 00:13:52

at things in a completely different way.

Tedd Huff - Host, Fintech Confidential:

: 00:13:54

I'm really curious to understand what is the biggest thing you guys have learned?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:13:59

It's a great question and something that's

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:01

particularly pointed for us because we actually spun out during the pandemic.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:05

Uh, and so Arteria AI was created in, uh, October of 2020 as a, as a new entity.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:12

Uh, and so we grew up in a virtual world that had to learn how to work

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:16

together in a virtual world and had to bring all of these diverse

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:20

viewpoints together in a virtual world.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:23

Uh, and we had to do a lot of, work To, to, to be able to foster a culture

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:30

and community in which you can really, uh, create the, the, the safety and

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:36

the energy that'll, that you need in.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:37

order to Make something magical happen.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:42

By bringing these diverse viewpoints together, you can bring the best

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:46

people together around a table.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:48

But in order to cultivate those ideas, you need to foster a culture of, of

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:53

trust, of belonging, and of community where you're all, uh, working together,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:14:58

rowing the boat in the same direction.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:01

Communicating clearly where we all sort of understand what the, the ultimate

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:05

objectives are, what the ultimate mission is, what the ultimate client

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:09

pain points that we're solving for are And uh, and really building that type

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:16

of environment is critical and was critical for us in order to be successful

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:20

if we were just, Six or seven smart people sitting around a board table,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:25

um, going one at a time, raising ideas.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:28

We probably wouldn't be where we are, but the fact that we're able to, to

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:32

build a community and, uh, and uh, a culture where we're able to share

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:38

ideas, be critical with each other, uh, in a empathetic way, uh, that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:43

doesn't, uh, create, uh, friction.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:46

There's healthy.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:46

friction There will always be healthy friction within, uh, within

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:50

a successful startup and, uh, uh, and any product company, uh, but

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:55

ensuring that, that that's healthy.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:15:57

That's really what has been one of the big lessons and, and a

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:01

point of emphasis for us growing up in a pandemic oriented world.

Tedd Huff - Host, Fintech Confidential:

: 00:16:06

In the intro,

Tedd Huff - Host, Fintech Confidential:

: 00:16:07

, we talked about this being all new and growing in a pandemic world, being remote.

Tedd Huff - Host, Fintech Confidential:

: 00:16:15

that is definitely a challenge.

Tedd Huff - Host, Fintech Confidential:

: 00:16:18

Have you learned anything special about and around the bank or

Tedd Huff - Host, Fintech Confidential:

: 00:16:25

financial technologies that maybe you wouldn't have thought of before

Tedd Huff - Host, Fintech Confidential:

: 00:16:31

as you've gone on that journey?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:35

Oh, tons.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:35

Tons.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:36

And a lot of that is client driven.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:39

Uh, it's, uh, it's new and innovative use cases that we haven't thought

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:45

of, uh, because we're not there.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:48

On the ground, day to day that the financial institution is, uh, and they're

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:53

able to have the creativity and the, the wherewithal to look at what we offer,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:16:59

how we deliver it, and think about how it could be applied in a different way.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:03

When we first started out at, at Arteria we looked at financial institutions and we

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:09

had sketched out a list of what we saw as.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:13

about 50 different news cases for Arteria AI within financial institutions.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:18

If we were to do that exercise today and gather all the news cases, we

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:21

would be well into the hundreds.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:22

We've learned so much.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:23

Uh, and all of that has come, uh, through the, our, our clients

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:28

and, and sitting with our clients and listening to our clients,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:31

and also.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:32

What I talked about in terms of fostering an environment where you're able to

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:35

create something magical from a product perspective, you also have to build that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:40

same relationship with your customers and your clients and build the, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:44

the ability to have that trust where they're not looking at you as the, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:48

a salesperson that's walking in hawking

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:50

the machine that does X, Y, and Z.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:53

They're thinking about a solution that can enable.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:57

A, B and C

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:17:58

and maybe it can be applied in, in this way if we think about

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:01

it in a slightly different way.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:03

That's been one of the, the, the most exciting things, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:06

about the Arteria journey.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:08

Uh, and I've personally learned a lot about financial.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:10

institutions The, the world of finance financial institutions is

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:15

constantly evolving and, and Covid played, uh, uh, very interesting

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:19

role in everyone's, uh, view and the priorities, uh, and uh, and all of that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:25

And, uh, and we've been fortunate to, to be able to grow along that.

Tedd Huff - Host, Fintech Confidential:

: 00:18:29

If you had to pick one thing that is

Tedd Huff - Host, Fintech Confidential:

: 00:18:32

the biggest lesson that you've learned with the financial institution and with

Tedd Huff - Host, Fintech Confidential:

: 00:18:36

other, Banks or any FinTech that you've worked with, what would that like one

Tedd Huff - Host, Fintech Confidential:

: 00:18:42

big one that you feel moved you to that

Tedd Huff - Host, Fintech Confidential:

: 00:18:45

next level

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:48

Oooh let me think about

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:51

that one for a second.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:53

Uh,

Tedd Huff - Host, Fintech Confidential:

: 00:18:55

I promise you it's not a gotcha question.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:57

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:58

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:18:58

No, no, no.

Tedd Huff - Host, Fintech Confidential:

: 00:18:59

trying to drill in.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:00

I, yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:01

I'm, I'm, uh, I need to try to think of how to phrase it without

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:06

getting myself in trouble.

Tedd Huff - Host, Fintech Confidential:

: 00:19:08

See that darn legal background

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:11

Yeah,

Tedd Huff - Host, Fintech Confidential:

: 00:19:11

Is keeping us from

Tedd Huff - Host, Fintech Confidential:

: 00:19:12

getting the real answer.

Tedd Huff - Host, Fintech Confidential:

: 00:19:13

I see how it is.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:15

Attorney.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:15

Arbar barking away in the back there.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:19

. Um, uh, one lesson.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:24

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:32

So the biggest lesson that, that we've learned and this, uh, I think surprises

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:37

a lot of customers and institutions that we work with, is the fact that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:45

. Truly documentation has been forgotten in, uh, a lot of, uh, transformation

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:51

work in terms of processes, even in terms of resources and how it's handled

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:19:57

and who does the documentation work.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:00

What we often come across is, Customers that think that they're not mature enough,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:05

uh, and that every, they're behind, everyone else is, uh, is ahead of them.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:10

But we work with some of the biggest institutions in the world.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:14

We work with institutions that are less than a billion in

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:18

assets, uh, less than that are a couple hundred million in assets.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:22

They all have similar problems.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:25

Everyone has documentation challenges Everyone Has neglected because

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:31

it's been neglected as an industry.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:33

It hasn't been a focal point, and it's okay.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:35

It's, uh, there's that, the maturity of this little niche that, that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:41

we're in around documentation is, is.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:44

Hasn't been there.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:45

We're we, along with a couple of,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:47

other fit innovative fintechs are helping bring the, the financial

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:51

institutions along in that realm.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:53

But it's never too early.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:20:56

Uh, and you're never too far behind what anyone else is doing, no

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:21:00

matter how big or small or, uh, what shape or size that institution.

Tedd Huff - Host, Fintech Confidential:

: 00:21:06

Look at how many times people are

Tedd Huff - Host, Fintech Confidential:

: 00:21:09

announcing a, a digital transformation or they're announcing a new digital

Tedd Huff - Host, Fintech Confidential:

: 00:21:15

product, or they're announcing all these different things, but yet they haven't

Tedd Huff - Host, Fintech Confidential:

: 00:21:20

looked for efficiencies internally, especially with the documentation.

Tedd Huff - Host, Fintech Confidential:

: 00:21:26

And when you look at things like contracts, you look at

Tedd Huff - Host, Fintech Confidential:

: 00:21:29

the pricing schedules.

Tedd Huff - Host, Fintech Confidential:

: 00:21:30

You look at all the different things that go around that.

Tedd Huff - Host, Fintech Confidential:

: 00:21:33

There's a ton of things you can extract out of the business to

Tedd Huff - Host, Fintech Confidential:

: 00:21:37

understand how well you're doing and where the business is moving forward.

Tedd Huff - Host, Fintech Confidential:

: 00:21:41

That's kind of probably why Deloitte really was looking at, at this AI and

Tedd Huff - Host, Fintech Confidential:

: 00:21:46

really focused on this piece of it.

Tedd Huff - Host, Fintech Confidential:

: 00:21:49

Can you share with us the decision and what it was like when the decision to

Tedd Huff - Host, Fintech Confidential:

: 00:21:54

spin off from Deloitte as a separate entity was decided, and how has that

Tedd Huff - Host, Fintech Confidential:

: 00:22:00

contributed to the company's success?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:03

Oh, Deloitte has been, uh, foundational.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:07

They, they, uh, they got this product started.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:10

Uh, they in invested in the, the initial bill.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:15

The really, the, the seed funding as it were would've come

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:18

from, uh, from, from Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:21

There's.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:23

Inherent limitations that come with working with, uh, and working

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:26

in, uh, one of, well, the largest professional services firm in, in the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:31

world, uh, but also one of the, the large audit firms, uh, in the world.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:36

One of the challenges that arises out of that, uh, becomes, um, how capital can be

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:43

raised, uh, and, uh, how cap tables can be shared between entities that, uh, that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:50

audit o other firms, uh, and, uh, and, and, uh, other shareholders work.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:22:57

And, uh, the SEC takes a good, hard look at, uh, at all of that very, very closely.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:03

Ultimately that, that was one of the big contributing factors was

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:07

thinking about as we take this product to the next level, uh, we

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:12

need to, uh, we need to invest in it.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:15

Um, whether.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:16

it's In Deloitte, outside of Deloitte, whatever, in order to,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:19

to really start the hockey stick we need to, to, to pour some money in.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:25

It would've been very difficult to do that within the Deloitte construct.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:28

And that was one of the, uh, deep biggestest reason for looking for

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:33

alternative ways to, uh, to, to get the, the investment that we needed

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:37

in order to continue our, our growth trajectory and, and go beyond.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:41

Deloitte was.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:44

Immensely helpful in incubating our product, getting our initial clients.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:48

The Deloitte Network has always been,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:51

a big supporter of ours, uh, and continues to be like we, many of our,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:23:56

uh, our, our leaders and, and staff are within the Deloitte Alumni Network.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:01

Uh, and were in senior positions at Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:04

I was a partner at Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:07

Jonathan, our cto, obviously ran the product factory.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:09

Shelby Austin.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:09

Our, our ceo, um, was the managing partner of the Omnia ai practice at, at Deloitte.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:14

So we have relationships, uh, and uh, and networks within Deloitte that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:19

we still use on a, on a daily basis.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:21

And they, uh, work with us, we work with them.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:24

I was just on the call this morning actually that came

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:27

through, uh, a Deloitte referral.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:29

Uh, and that will never, never change, uh, that's just Our network is our

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:35

network and, uh, and they'll continue to, to, to be supportive of ours.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:39

But, uh, we, we do maintain that independence now that helps us to, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:24:45

to really hit our, our full potential.

Tedd Huff - Host, Fintech Confidential:

: 00:24:48

So you've mentioned a couple times that,

Tedd Huff - Host, Fintech Confidential:

: 00:24:51

being a part of Deloitte kept you from raising outside funds and

Tedd Huff - Host, Fintech Confidential:

: 00:24:56

keeping and, and having the SEC eyes on you around all that stuff.

Tedd Huff - Host, Fintech Confidential:

: 00:25:02

since the spinoff, how much have you guys raised since then?

Tedd Huff - Host, Fintech Confidential:

: 00:25:06

And are you expecting to raise more funds in the future.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:02

to clarify around the, the, the SEC

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:04

point, that's just a, a, an actual SEC independence rule around the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:08

what, the big four audit firms,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:11

what they can do and what sort of marketplace activities they

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:13

can, they can take part in.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:15

It's less about the SEC watching us and more.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:18

about Literally, we, , Deloitte would not be able to do that,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:21

and we would not be able to do

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:22

as Arteria Um, but as far as, uh, raises go and, and funding, uh, so shortly after

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:30

we, we spun out, uh, we did a series A, uh, that was led by, uh, a series

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:37

of, of FinTech oriented VCs, uh, that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:41

are Backed by, uh, by financial institutions from from around the world.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:46

We've been fortunate to have great VCs, uh, that have been very supportive

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:51

and have truly been partners and mentors, uh, along our journey.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:26:57

Um, so, uh, in terms of, uh, numbers that, that's public, uh, that was, uh, an

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:02

11 million USD uh, series A that we did.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:06

Um, The, we subsequently, uh, did a strategic round, uh, that wasn't a series

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:14

B, but something, uh, uh, post a, A uh, where, uh, Citibank and, uh, and bdc,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:22

business Development Bank of Canada, um, came on board as investors of ours.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:26

That was last summer.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:28

Uh, and so we're, we're gearing up right now.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:32

In the, in an interesting climate, uh, where we have been fortunate to, uh, to,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:38

to withstand some of the, um, the, the headwinds that, uh, that unfortunately

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:44

some other tech companies, uh, have faced.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:47

in the last couple months, uh, we've managed to, to withstand that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:52

And fingers crossed and knock on wood, are, are, uh, projecting

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:56

to, to, to come out of that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:58

Okay.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:27:58

And, uh, and.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:00

so We'll look at doing, uh, uh, some subsequent round, uh, in, in

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:05

the near future, um, a, a series B.

Tedd Huff - Host, Fintech Confidential:

: 00:28:08

With the way that you help

Tedd Huff - Host, Fintech Confidential:

: 00:28:10

financial institutions maximize,

Tedd Huff - Host, Fintech Confidential:

: 00:28:13

\ their revenues and same save time and cost,

Tedd Huff - Host, Fintech Confidential:

: 00:28:16

how does Arteria AI do those things?

Tedd Huff - Host, Fintech Confidential:

: 00:28:20

How do they maximize the revenue?

Tedd Huff - Host, Fintech Confidential:

: 00:28:22

How do they save time

Tedd Huff - Host, Fintech Confidential:

: 00:28:23

And how do you save on costs?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:27

fundamentally what we are there to do

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:29

is to, uh, from a operational layer or a, uh, a day-to-day user of the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:36

product, Uh, is typically a, uh, a banker or a loan officer or someone

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:42

that's dealing with a customer.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:44

Um, so we largely deal with customer documentation, uh, not

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:49

necessarily, uh, The procurement or vendor documentation, that's

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:53

typically a, a different discipline.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:55

Anytime a financial decision is dealing with a customer, a, a revenue

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:28:59

generating activity, uh, that's where we come in to enable the, the data

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:03

flow, uh, and enable the documentation.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:06

Uh, and what we do is we are built with, uh, Standard rest APIs throughout.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:13

it our general principle is we want to use, uh, as much data as possible that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:20

already exists within a, the universe of an institution, whether that's

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:24

within their core or an LOS uh, or a homegrown data system of some kind.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:29

, use that data to generate a document of best fit.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:36

So that typically means mapping.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:38

The data elements that reside within a core or an LOS to a template library and

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:46

a clause library that sit within Arteria uh, to generate the, the T and C's or

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:51

the document or the credit agreement.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:29:53

Or you can go from anything as simple as an NDA My fee schedules could be complex,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:00

but they look relatively short and compact to complex syndicated loan documents.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:06

We run the gamut in, in Arteria today.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:08

Um, and we basically generate those documents automatically.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:12

And so a loan officer or a banker or a trader, um, doesn't need to consult

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:20

a lawyer, have an Attorney, go and prepare the document where, um, where

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:27

the document may go into the ether.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:29

while the attorney's working on it for a day a week.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:33

Month.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:34

We, we've, we've all been there where you send something to an

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:37

attorney to look at, and then four weeks later you're, you're wondering

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:41

if they've even gotten to it yet.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:42

That's the first bit of, uh, of automation and operational

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:46

efficiency and time savings.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:48

On top of that, we have a full negotiation and collaboration capability,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:51

and that's where, uh, a lot of our AI comes in, uh, is around reading.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:30:57

Markups red lines, changes that have been made either internally or externally.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:02

So if you need to change some terms or change parts of the document and

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:07

need to get approval internally, uh, we facilitate that through

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:10

our negotiation and collaboration module, or if there's markups from

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:14

the counterparty or counterparties.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:16

Those get, uh, accessed through that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:19

On all of that is Layered a structured data model.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:24

Uh, and what that ultimately means is that the, uh, the bankers, uh, the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:31

attorneys, if they're involved, the approvers, they're all interacting with

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:35

something that looks and feels like.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:38

A document, so it's very familiar to them.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:40

But what they're actually interacting with is structured data that's been

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:44

represented to look like a document.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:46

This is, uh, a little bit of our Deloitte roots meets our attorney roots melding

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:52

together in the product, uh, there's effectively two layers of the product.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:55

There's the, uh, I call it the surface layer that the, the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:31:58

users are interacting with.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:00

that An attorney would be familiar with something that looks and feels

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:03

similar to what they would typically do when they fire up Microsoft word and,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:07

uh, and make changes to a document.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:09

For the engineers and the data people, there's a structured

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:12

data model underneath.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:13

And so, as.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:15

The document is being manipulated, changed, uh, approvals go

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:20

through markups are made.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:22

The structured data model is capturing all of those changes that are happening.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:26

And so once you ultimately execute the document or finalize the document, you

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:32

have a fully digitized representation of what's contained within that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:37

document aligned to your data model?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:39

That can be sent back into your data sources or your, uh, core system

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:45

or LOS whatever the case may be.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:47

Uh, and so that's, uh, that's the arterial blood flow of the, the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:53

data from within the document.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:55

We send it back to the institution after the document's

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:32:58

been finalized and executed.

Tedd Huff - Host, Fintech Confidential:

: 00:33:00

So I've, I heard a number of systems

Tedd Huff - Host, Fintech Confidential:

: 00:33:03

that you mentioned in there, and I, I'm only guessing that these

Tedd Huff - Host, Fintech Confidential:

: 00:33:07

things aren't normally connected.

Tedd Huff - Host, Fintech Confidential:

: 00:33:09

They're very disconnected and disjointed.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:12

Yeah.

Tedd Huff - Host, Fintech Confidential:

: 00:33:12

How?

Tedd Huff - Host, Fintech Confidential:

: 00:33:14

What kind of experience is this converting into for the clients and their

Tedd Huff - Host, Fintech Confidential:

: 00:33:20

clients for this document management journey that you just discussed?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:26

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:26

It, it's very much, uh, a journey that doesn't happen in isolation

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:30

of data teams, engineering teams, uh, and, uh, and really the, the.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:39

The infrastructure of an institution.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:42

Uh, and so you think about documentation as being a neglected

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:47

part of the digital transformation.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:48

It's also neglected as part of the, the infrastructure.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:51

Often are, are, are working side by side with enterprise architects, um,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:33:58

who are thinking about the bigger picture from a data perspective, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:02

and slotting the, the documentation in, uh, as part of that overall.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:07

Infrastructure, vision and, and, and approach and, uh, what

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:11

they're architecting from an, from an infrastructure perspective.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:14

that's really fun, that that's really what gets a lot of juice outta, uh, the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:18

data flow at, at the end of the day, is.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:21

Thinking about documentation as part and parcel of your data journey

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:28

and your digital journey, if it happens in isolation as just a

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:32

discreet project that you're just focused on documentation by itself,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:37

there'll be tremendous operational efficiency for sure, and you'll

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:40

get a lot of benefit from that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:42

But there's a potential, uh, opportunity that you're missing by not enabling the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:48

data flow in the way that you could.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:34:56

​ Tedd Huff - Host, Fintech Confidential:

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:00

example process of structuring data during the documentation

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:05

lifecycle that you just mentioned

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:07

and how by doing that, that it speeds up the decision making for

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:13

all the stakeholders You'd mentioned using AI and a couple other things,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:16

walk us through what that that looks and feels like.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:20

Sure.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:21

Uh, so I, I'll walk through a couple of, uh, of different examples.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:25

Firstly, I'll, I'll walk through a, a, a data example, and then,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:29

uh, I'll walk through an AI example, which is more around the,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:32

the operational efficiency part.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:34

The data example.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:35

Uh, I'll, I'll use a simple example, but.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:38

Commonly happens today with institutions of all sizes, um, is

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:43

around lending, for example, um, and within, uh, a loan origination system

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:50

and everything that, that happens before the documents get prepared.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:55

You might have.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:35:56

An interest rate that's, uh, that, that has been agreed on by, uh, the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:02

borrower as well as the, the bankers and the loan officers, and a lot of work.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:04

Then something happens where, uh, ultimately the document's produced,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:09

but now this interest rate needs to change within the document.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:13

What happens, uh, in the status quo is, that There's an LOS or a data element

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:21

within the LOS that has the old interest rate that generates, maybe generates

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:27

a document, uh, that's now a status document that reflects that interest rate.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:32

Now, if that interest rate changes as part of the negotiation process or an

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:36

approval process that LOS has no way of knowing What the new interest rate is.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:42

And that can have a tremendous impact from a servicing perspective.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:46

Cause now you don't know what the, you're relying on somebody throwing up

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:49

a flight and manually fixing something that exists within the LOS and that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:53

when you go and start to service and get to distribution on the loan, you're

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:57

uh, you're doing it appropriately.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:36:59

So that's a simple example that leads to a large amount of risk and could have.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:05

Potentially huge financial implications depending on the loan,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:09

uh, through just one document, uh, that, uh, that could go awry,

Tedd Huff - Host, Fintech Confidential:

: 00:37:15

I have to ask, what is an LOS

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:19

I loan origination system

Tedd Huff - Host, Fintech Confidential:

: 00:37:22

I just wanted to make sure that

Tedd Huff - Host, Fintech Confidential:

: 00:37:23

myself and those listening that aren't familiar with the acronym,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:26

Yeah, yeah.

Tedd Huff - Host, Fintech Confidential:

: 00:37:27

um, get clarity on it.

Tedd Huff - Host, Fintech Confidential:

: 00:37:28

But you were getting ready to go on to the next one.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:30

So, uh, around artificial intelligence,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:33

uh, one of the biggest challenges that exists around documentation

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:36

is what do you do with a document that you've never seen before?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:40

If you have, uh, a templated fee schedule, uh, credit agreement agencies that you use

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:48

that every single day, that's one thing.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:50

But if you.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:52

If your counterparty proposes a new document or your attorney prepares a new

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:56

document where you're participating in

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:37:58

a loan agreement where you have a piece of the loan, but you're not the one that's

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:04

driving the, uh, the full agreement, you're not the agent bank within the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:08

loan, um, you are relying on consuming.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:12

What could be a very complex document and having to break that document

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:18

apart to feed into your data systems.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:23

Uh, and what often happens today is.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:26

Hand it over to Ted, Ted Abrigo, open up the document and, uh, on

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:32

their computer and start typing,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:34

, into the, the data system.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:35

What our AI does is, uh, it takes the document that's come in.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:42

Scans it converts it into machine readable text.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:45

And then using the models and uh, and algorithms that we've developed basically

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:52

breaks out that document into individual components and data elements that can.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:38:58

Facilitate the entry of those data points, those specific data points that ultimately

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:03

need to go into your data systems.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:05

So it'll go and find the interest rate and pull that out so that you don't

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:10

need to find it within a huge 50 page document or a hundred page document.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:14

Uh, and then secondly, automatically populate that, uh, that data element

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:18

within, uh, In, in the right format, uh, in alignment with your data model as well.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:24

Uh, and that's a huge, uh, operational efficiency, uh, benefit.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:29

It's a process that has been, uh, tackled in a very manual way today and still

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:35

is tackled in a very manual way today.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:38

Uh, and using the, the artificial tone to really able to get a pretty

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:39:42

significant boost in that process.

Tedd Huff - Host, Fintech Confidential:

: 00:39:46

Tell me about the track record of

Tedd Huff - Host, Fintech Confidential:

: 00:39:47

success that Arteria AI is has had with some of the worlds Largest banks.

Tedd Huff - Host, Fintech Confidential:

: 00:39:53

I can only imagine that these guys have have really taken

Tedd Huff - Host, Fintech Confidential:

: 00:39:57

to it really, really well.

Tedd Huff - Host, Fintech Confidential:

: 00:39:58

And I would love to understand like, what kind of successes

Tedd Huff - Host, Fintech Confidential:

: 00:40:02

have you had with these folks?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:04

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:05

We've been very fortunate to, to have, uh, uh, a fair amount of success,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:10

uh, particularly with the largest financial institutions in, in the world.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:13

Uh, I mentioned Citi as, uh, as one of our investors.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:17

They're also a, uh, a big partner of ours.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:19

They work, uh, We work with them in a number of different realms,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:23

both from a customer perspective, partner perspective, as

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:26

well as, uh, as an investor.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:27

So it's a multifaceted relationship.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:30

Uh, there, uh, and there's, uh, a number of firms of, of, of that elk that,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:35

that, uh, that we work closely with.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:37

Um, that, uh, I, I wish I could name them all.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:41

Uh, unfortunately I'm bound by confidentiality

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:44

around many of them, so I'm

Tedd Huff - Host, Fintech Confidential:

: 00:40:46

there's a reason why I said world's

Tedd Huff - Host, Fintech Confidential:

: 00:40:48

largest banks, cuz uh, I didn't, I didn't wanna drag you into

Tedd Huff - Host, Fintech Confidential:

: 00:40:53

getting into, you know, the, the attorney Abrar coming out yet again.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:57

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:57

No, no.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:40:59

Yeah.

Tedd Huff - Host, Fintech Confidential:

: 00:40:59

Citi it is a good one.

Tedd Huff - Host, Fintech Confidential:

: 00:41:00

And, and I've seen them do a lot of the things, like what you're talking

Tedd Huff - Host, Fintech Confidential:

: 00:41:03

about is they, they find a technology that builds a ton of function

Tedd Huff - Host, Fintech Confidential:

: 00:41:07

for them and they really like it.

Tedd Huff - Host, Fintech Confidential:

: 00:41:09

So to show support and really help things along, they go into the

Tedd Huff - Host, Fintech Confidential:

: 00:41:14

investment route because it, well, it just makes sense for them to

Tedd Huff - Host, Fintech Confidential:

: 00:41:18

get that technology moving forward.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:20

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:21

And then that was the start of our journey was actually a little bit different than

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:25

what a lot of startups, uh, start with.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:27

And that we tackled the, the top of the market, the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:30

largest firms in the world, uh,

Tedd Huff - Host, Fintech Confidential:

: 00:41:32

start a little bit lower

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:34

Yeah, yeah, yeah, exactly.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:35

We, we started on hard dog.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:37

Uh, and, uh, we, uh, our, our initial focus when we first, uh, started out

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:43

between, in the Deloitte days was really focused around the, the 30

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:47

globally systemically important banks.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:49

And the, basically the 30 biggest banks in the world were our, our main priorities.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:54

Uh, but what

Tedd Huff - Host, Fintech Confidential:

: 00:41:55

hard mode.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:56

Yeah, it, it was hard mode,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:41:58

but we, we were able to build a fair amount of success there.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:01

But what we also quickly learned is, that the Same problems and the same principles

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:07

apply at all ends of the market.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:10

Uh, and so now our, our client base is, is very diverse.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:15

It cuts, cuts across, uh, all sorts of different sizes of its size of

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:19

institutions, um, from, uh, from, from regional banks to super regionals,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:25

to uh, to community banks as well.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:28

And credit unions have the same issues and same problems that every institution

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:32

deals with documentation, uh, and has similar problems to, to what?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:42:38

To what the Citi's of the world are facing.

Tedd Huff - Host, Fintech Confidential:

: 00:42:41

So you go, it's from the 30

Tedd Huff - Host, Fintech Confidential:

: 00:42:42

biggest banks out there, right?

Tedd Huff - Host, Fintech Confidential:

: 00:42:44

and then you realize, hey, the smaller institutions, the law,

Tedd Huff - Host, Fintech Confidential:

: 00:42:48

smaller companies need this too.

Tedd Huff - Host, Fintech Confidential:

: 00:42:53

what is the common thread between all of those that allowed you to

Tedd Huff - Host, Fintech Confidential:

: 00:42:58

go down market after servicing the big 30 ish, um, and hard mode?

Tedd Huff - Host, Fintech Confidential:

: 00:43:04

What, what was it that allowed you to go, okay, well, I'm gonna

Tedd Huff - Host, Fintech Confidential:

: 00:43:08

go into easy mode now, I guess.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:11

I I don't think there is an

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:12

easy mode, uh, when you're the,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:14

start up world

Tedd Huff - Host, Fintech Confidential:

: 00:43:14

Well, I mean,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:15

But yeah,

Tedd Huff - Host, Fintech Confidential:

: 00:43:16

True.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:17

no, no, I know, I know what you're saying.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:19

Um, yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:20

Ultimately, at the end of the day, um, our product is, is.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:25

Document agnostic, industry agnostic.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:28

Uh, we've chosen to focus on, on financial services, and we think we're, we, we

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:34

do it pretty well, but there's nothing inherently about the product that makes

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:38

it more suitable for financial services or, uh, or for large institutions.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:45

There's maybe some more clear,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:48

Extraordinary levels of ROI when you have complexity.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:51

But that doesn't mean that there isn't ROI once if you, if your

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:55

complexity is scaled down a little bit.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:43:58

Uh, and uh, for us, one of the big learnings that we had as we.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:02

Moved, uh, into, uh, other market segments beyond the, the 30 largest

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:06

in the world, uh, is that our product was a little bit too big.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:12

Not every institution needs every little belt bell and whistle that we

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:16

have and every module that we have.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:18

Um, and really slimming it down to the problem set and the segment, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:24

was, was critical and it's an ongoing.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:26

journey That, that we're going down,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:28

we're developing and, and building new features and have a pretty

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:31

aggressive roadmap that, uh, that is really trying to solve for,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:36

for each of these market segments.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:38

But we need to be thoughtful every time about how does this fit into

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:44:42

each of the individual, uh, market segments that we're serving.

Tedd Huff - Host, Fintech Confidential:

: 00:44:47

One of the big things that, that with,

Tedd Huff - Host, Fintech Confidential:

: 00:44:50

with my consulting company that we run into a lot are financial institutions

Tedd Huff - Host, Fintech Confidential:

: 00:44:55

and other institutions looking for efficient and effective ways for

Tedd Huff - Host, Fintech Confidential:

: 00:45:01

them to maintain compliance with regulations, rules, and a whole bunch

Tedd Huff - Host, Fintech Confidential:

: 00:45:07

of other reporting characteristics.

Tedd Huff - Host, Fintech Confidential:

: 00:45:10

How.

Tedd Huff - Host, Fintech Confidential:

: 00:45:11

will Arteria AI help them in that process and or does it?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:18

Oh, ab absolutely it does.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:19

And this is, uh, this is where the attorney Abrar part of the, the

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:24

product comes out, comes out and shines

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:28

. I joke about it, but, but really, I,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:33

we get is that we do bring that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:36

Uh, the, the attorney perspective, the data perspective, and the AI perspective

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:39

because we have very unique backgrounds and haven't been in all three of

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:43

those realms, which is pretty unique.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:45

But from a compliance and regulatory perspective that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:50

Interestingly enough, one of the, uh, the initial, uh, events that really drove,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:45:57

uh, the, the initial adoption and build of, of Arteria was around regulatory

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:02

events, uh, for financial institutions.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:05

Um, whether it be for, um, For GDPR five years ago, uh, or for, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:13

for our friends across the pond.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:15

Brexit was a, a, a big driver towards having to change large amounts

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:21

of contracts, uh, and having to repaper their contracts with their

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:25

customers and, uh, and everyone that they dealt with, um, and.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:29

so Not just in, in being able to accomplish that type of activity, um,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:36

was, was what we were doing, but we were also providing defensibility so that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:41

when a regulator came and asked where they were on the remediation acti, when

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:46

an, where an institution was on the remediation activity, um, or to report on,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:52

The level of exposure that an institution has to, uh, to the LIBOR transition and,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:46:59

uh, LIBOR interest rates being phased out.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:01

These are the types of things that you're able to capture and

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:04

report on, uh, with our audit trail and reporting capabilities.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:08

And was, uh, and still is one of the, the big, uh, the big usages of, of

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:13

Arteria But, uh, it was particularly poignant in, uh, in some of our

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:17

early days when we were serving some of these regulatory activities

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:20

when they were at the forefront.

Tedd Huff - Host, Fintech Confidential:

: 00:47:22

I'm gonna ask you to take off your regular

Tedd Huff - Host, Fintech Confidential:

: 00:47:25

glasses and put on the glasses that allow you to see well into the future.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:29

Yeah.

Tedd Huff - Host, Fintech Confidential:

: 00:47:32

What?

Tedd Huff - Host, Fintech Confidential:

: 00:47:33

Potential opportunities do you see for Arteria AI in say the next five years?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:41

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:42

I, I honestly, I, I think that ar uh, that Arteria And, and documentation technology

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:50

as a category will be a category . Uh, and that's, I, and we, we, we laugh at

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:47:58

it now, but, uh, 15, 20 years ago, uh, before Salesforce made CRM uh, a category

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:07

CRM may have been a subset of content management or some other category,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:13

I think That is going to be, uh, something that we're, it's something that

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:18

we're already seeing a trend towards.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:20

Um, and, uh, I, I, I like to think that we're already a global

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:24

leader in, in that category.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:27

Um, and, uh, in particular with the focus on financial services, um, we

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:33

think we are headed down a path where we can be the ubiquitous documentation.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:39

Platform and solution that everyone uses in financial services,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:43

uh, for, for documentation.

Tedd Huff - Host, Fintech Confidential:

: 00:48:46

So the Kleenex of documentation management

Tedd Huff - Host, Fintech Confidential:

: 00:48:51

and contract artificial intelligence

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:55

Yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:48:55

Ra ra rather than xeroxing it, you'll be Artiria Artiriaing it.

Tedd Huff - Host, Fintech Confidential:

: 00:49:01

Ha ha.

Tedd Huff - Host, Fintech Confidential:

: 00:49:02

I love it.

Tedd Huff - Host, Fintech Confidential:

: 00:49:03

I love it.

Tedd Huff - Host, Fintech Confidential:

: 00:49:04

Well, you know, we're coming to the end and, and I, I've warned the audience,

Tedd Huff - Host, Fintech Confidential:

: 00:49:07

I shouldn't say warned, I foreshadowed with the audience this question,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:12

Yeah,

Tedd Huff - Host, Fintech Confidential:

: 00:49:13

as a FinTech founder, what advice would

Tedd Huff - Host, Fintech Confidential:

: 00:49:17

you give to others looking to either start or just starting their startup?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:27

yeah.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:28

Uh, from me and, and, uh, our perspective at, at Arteria we have a very, strong

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:34

Leadership team, uh, and in particular our co-founders, uh, myself, Shelby

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:39

Austin, Jonathan Wong, uh, as well as our, our, our senior staff.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:43

Our, uh, the level of trust that we have is, uh, is exceptionally high.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:50

Um, and that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:52

Did not happen overnight.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:53

It takes time to, to build that.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:49:56

But that is something that has been critical to our success, uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:00

and will continue to be critical to our success because we all.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:05

Believe that we're gonna get through whatever we're we're going

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:08

through, whether it's the good or the bad, the ups and the downs.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:12

Um, you want to trust the people that are in the boat with you and you want to

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:16

want to be in the boat with the people that that you're in the boat with.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:20

That's critical, not just in making sure you come out on the other

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:24

side when there's choppy waters.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:25

But It makes it more fun too when you're with people that you trust, uh, and work

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:32

well with and enjoy, uh, a laugh with, uh, as well as a tough conversation

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:37

with, um, having that type of trust, not just amongst co-founders, but also uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:44

amongst senior staff will get you through a, a lot of choppy waters that maybe

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:50:51

even experience and hoards of experience may not be able to get you through

Tedd Huff - Host, Fintech Confidential:

: 00:50:55

So I'm gonna have to send you,

Tedd Huff - Host, Fintech Confidential:

: 00:50:57

Simon Cenek did this really cool like diagram, um, based on the Navy

Tedd Huff - Host, Fintech Confidential:

: 00:51:03

Seals, and he interviewed a whole bunch of Navy Seals and asked them

Tedd Huff - Host, Fintech Confidential:

: 00:51:07

what the most important things were.

Tedd Huff - Host, Fintech Confidential:

: 00:51:10

And they would rather have somebody who is not as good at the particular

Tedd Huff - Host, Fintech Confidential:

: 00:51:16

task or role, but they trust implicit.

Tedd Huff - Host, Fintech Confidential:

: 00:51:19

implicitly And it's really cool to kind of see that, and it's

Tedd Huff - Host, Fintech Confidential:

: 00:51:23

amazing to hear you bring that to it because trust is, is so fragile.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:51:31

It is,

Tedd Huff - Host, Fintech Confidential:

: 00:51:32

and, and it takes a lot of work, but.

Tedd Huff - Host, Fintech Confidential:

: 00:51:35

That is a big key to success, and I'm so happy to hear you say that.

Tedd Huff - Host, Fintech Confidential:

: 00:51:41

Before we walk out, uh, or, or close up for the day, however you want to say

Tedd Huff - Host, Fintech Confidential:

: 00:51:45

it, how can individuals or companies interested in working with Arteria

Tedd Huff - Host, Fintech Confidential:

: 00:51:50

AI connect with you and the team?

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:51:54

Yeah, you can find, uh, you can find

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:51:56

us on LinkedIn, uh, at Arteria ai.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:51:58

You can find me on LinkedIn, uh, Arbar Huq um, or send me an

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:52:03

email, uh, to Arbar@Arteria.AI

Tedd Huff - Host, Fintech Confidential:

: 00:52:08

Fantastic.

Tedd Huff - Host, Fintech Confidential:

: 00:52:08

I will go ahead and put those down in the notes down here, like way down here.

Tedd Huff - Host, Fintech Confidential:

: 00:52:13

Um, so we'll go ahead and put those in.

Tedd Huff - Host, Fintech Confidential:

: 00:52:14

Also, if you're listening where they'll be in the show notes as

Tedd Huff - Host, Fintech Confidential:

: 00:52:17

well, so we'll make sure to have all those links really easy to get to it.

Tedd Huff - Host, Fintech Confidential:

: 00:52:20

I'll also put the U R L.

Tedd Huff - Host, Fintech Confidential:

: 00:52:24

FinTech confidential Arteria AI um, for you guys all to go to as

Tedd Huff - Host, Fintech Confidential:

: 00:52:30

well to find out more about Arteria and Abrar This has been fantastic.

Tedd Huff - Host, Fintech Confidential:

: 00:52:36

I love talking about data, so I, I geek out about this and like I

Tedd Huff - Host, Fintech Confidential:

: 00:52:40

told you, pre-show, I have another 50 questions I wanted to ask, but

Tedd Huff - Host, Fintech Confidential:

: 00:52:45

we don't have nearly the time.

Tedd Huff - Host, Fintech Confidential:

: 00:52:47

Do you have any closing thoughts or comments about the future of FinTech

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:52:53

Yeah, the future of FinTech is in

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:52:55

the, the hands of, of all of us.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:52:57

Uh, and, um, it's, uh, it, it's, uh, There there'll be tough times,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:06

and I think there's a particularly, uh, rocky time that, uh, that gets

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:11

through it, uh, that some people are going through right now and some many

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:15

fintechs are, are dealing with right now, uh, in the market, um, with

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:18

market conditions being what they are.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:20

Um, but uh, Positivity, trust, uh, and, uh, and cohesion get

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:28

you through one way or another.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:30

I'm excited to be part of the FinTech community.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:32

and ecosystem Uh,

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:33

and thank you for having me on the show Tedd Arbar

Tedd Huff - Host, Fintech Confidential:

: 00:53:38

Arbar Thank you once again.

Tedd Huff - Host, Fintech Confidential:

: 00:53:39

This has been fantastic and I look forward to following Arteria AI on its journey

Tedd Huff - Host, Fintech Confidential:

: 00:53:46

into the next five years and beyond.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:49

Awesome.

Abrar Huq - Co-Founder & CRO Arteria AI:

: 00:53:50

Thanks Tedd

: 00:53:51

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