Claira, the document intelligence fintech, has raised funding from Citi to accelerate the digitalization of manual areas in financial markets and provide a roadmap to smart contracts and the tokenization of assets on blockchains.
The fintech has received strategic investment from Citi Spread Products Investment Technologies (SPRINT), the strategic investing arm of the bank’s global spread products division.
Most existing documentation platforms require users to label and tag data which is not scalable or sustainable. In contrast, Claira takes a computational linguistics approach that converts each sentence into a logic map and then maps all the relationships in a legal document.
Users can completely configure and customize the data output which Chang said is critical so Claira fits into existing investment processes or pricing and risk models. They also have full transparency as all data can be traced back to the exact provision in the original document.
Citi will collaborate with Claira to support its business, starting with municipal prospectuses and CLOs to assist in the transformation of markets.