Claira Receives Strategic Investment Led by Citi SPRINT to Accelerate Digital Transformation with Next-Gen Document Intelligence Technology
Summary
Their use of specialized AI and pre-trained models greatly surpasses legacy Natural Language Processing solutions, making Claira a game changer thats poised to transform our market, said Patrick Brett, Managing Director, Head of Municipal Debt Capital Markets & Capital Solutions at Citi.Claira uses proprietary Natural Language Understanding (NLU) technology to unlock critical data insights embedded within financial agreements and delivers the data in a standardized format thats readily usable for pricing, trading, risk and operational processes. Clairas solution enables finance professionals to decipher legal contract language faster and more accurately so they can quickly negotiate complex agreements, reduce business risk and identify market opportunities faster.Financial institutions recognize the importance of accurately capturing and evaluating stipulations, terms and conditions and other transaction terms across their business, but most tools currently available are not able to decipher complex financial transactions, said Eric Chang, Co-Founder of Claira. "Claira was incubated within Exos Financial, and were excited to now collaborate with Citi SPRINT to bring next-generation document intelligence and help create massive time efficiencies for their industry-leading Spread Products business.Unlike prevalent Natural Language Processing (NLP) approaches based on pattern matching or black-box models that require large amounts of training, Clairas NLU solution models all the attributes and relationships within and across financial documents as a logic map, utilizing deep semantic parsing at the word and sentence levels. This advantage allows the platform to be versatile and deliver a scalable, extendable and transparent solution for various document analysis tasks.Launched in 2019 as a spin-off from the technology and venture arm of Exos Financial (www.exosfinancial.com), Claira set out to help transform business processes from analog to digital. Built using advanced data science to reveal the underlying logic trapped in financial contracts, Claira is pre-trained to comprehend legal language providing faster, deeper, and more actionable results with full transparency and traceability in its decision making.