Claira receives strategic investment led by Citi SPRINT to accelerate digital transformation with next-generation document intelligence technology

NEW YORK AND LONDON – (BUSINESS TEL) – Claira LLC (www.claira.io), fintech intelligence, today announced that the company has received strategic investments from Citi Spread Products Investment Technologies (SPRINT), the strategic investment division of the bank’s Global Spread Products division.

The new capital will support Claira’s product development and marketing strategy to accelerate the digital transformation by adopting the company’s artificial intelligence technology to transform the document analysis process for finance and trade professionals.

“We are excited about Claira and the new document intelligence solutions the team offers on the market. CLOs can spend more than 20 minutes analyzing a structured loan document. With Claira’s technology, the process of document analysis is significantly reduced, reducing to a minute the time required to extract the relevant sections, perform initial analysis and interpret the results to provide practical information on pricing, “said Vitaly Kozak, Global – Head of Secondary Division CLO, ABS and CDO Trade at Citi.

Citi will work with Claira to rediscover document intelligence and develop next-generation data analysis solutions to support its business, starting with municipal prospectuses and secured loan obligations (CLOs).

“The analysis of Claira’s AI credit documents is very suitable for the $ 4 trillion municipal bond market, which includes more than 50,000 issuers and more than one million unique securities. Their use of specialized AI and pre-trained models far exceeds inherited natural language processing solutions, making Claira a change in the game that is poised to transform our market, ”said Patrick Brett, Managing Director, Head of Municipal Debt Markets capital and capital decisions ”at Citi.

Claira uses its own natural language comprehension (NLU) technology to unlock critical data embedded in financial agreements and provides data in a standardized format that is easily usable for pricing, trading, risk and operational processes. Claira’s solution allows financial professionals to decipher the language of legal contracts faster and more accurately so that they can negotiate complex agreements quickly, reduce business risk and identify market opportunities more quickly.

“Financial institutions recognize the importance of accurately capturing and evaluating clauses, terms and other conditions for transactions in their business, but most available instruments are currently unable to decipher complex financial transactions,” said Eric Chang, co-founder of Claira. “Claira was incubated within Exos Financial and we are excited to work with Citi SPRINT to provide next-generation document intelligence and help create huge time efficiency for their industry-leading product distribution business. “

Unlike the prevailing natural language processing (NLP) approaches, which are based on matching models or black box models that require a large amount of training, Claira’s NLU solution models all attributes and relationships in and between financial documents as a logical map using deep semantic analysis of levels of words and sentences. The analytical modules are built on the map for extracting information and interpreting the results. With this innovative approach, Claira provides a higher level of interpretation and greater accuracy with minimal labeled training data. This advantage allows the platform to be flexible and provide a scalable, scalable and transparent solution for various document analysis tasks.

Launched in 2019 as a separate product from Exos Financial’s technology and risk division (www.exosfinancial.com), Claira aims to help transform business processes from analog to digital. “Claira solves the customer’s pain that is not addressed by the current generation of artificial intelligence products for documents,” they said. Joseph Skerry, co-founder of Exos and Chief Technical Officer / Operator and Technical Advisor to Claira. “At Exos, we tested over a dozen legal AI products and found that none were able to provide the deep insights needed for our business. All were based on similar NLP models and required significant training to achieve the required accuracy. Claira’s unique approach to document comprehension technology allows us to capture complex data and insights right out of the box, giving us a significant competitive advantage.

About Claire

Claira LLC (www.claira.io) is a leading next-generation document intelligence technology company specializing in the understanding of legal contracts. Created with the help of advanced data science to reveal the basic logic captured in financial contracts, Claira is pre-trained to understand legal language – providing faster, deeper and more effective results with full transparency and traceability in making financial statements. solutions. No document training, setup or installation is required. Claira can be accessed from any web browser or installed on-site in the customer’s data center.

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About Citi

Citi, the world’s leading bank, has approximately 200 million customer accounts and operates in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a wide range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.

Source Claira LLC

Related links

http://www.claira.io/

https://www.linkedin.com/company/claira-technology/

Claira® is a registered trademark of Claira LLC. Copyright © 2022 Claira LLC, New York. All rights reserved.

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