Sirion Acquires Eigen Technologies
Sirion is set to launch two AI Research Centers: one in London and another in New York City, focusing on AI for financial services.
Sirion, a leader in AI-native contract lifecycle management (CLM), has acquired Eigen Technologies, a pioneering company in document intelligence and Intelligent Document Processing (IDP). This acquisition aims to enhance Sirion's ability to understand and process the full context of various document types, extending beyond just contracts.
Sirion, founded in India, has pioneered the use of AI in contract lifecycle management (CLM), offering tools that support conversational queries, enhance contract clarity, and detect potential loopholes. The firm has completed a Series D funding round, securing $110 million with support from investors including Peak XV (previously known as Sequoia India) and Tiger Global. Sirion oversees more than 7 million contracts, collectively worth $800 billion, for over 250 major enterprises.
The acquisition combines Sirion’s robust contract intelligence platform and Eigen’s pioneering Document AI and intelligent document processing (IDP) technologies. This integration will enable businesses to extract valuable insights from contracts and a wide array of documents such as invoices, purchase orders, and engineering reports.
"Unstructured data, specifically billions of documents and contracts that sit in enterprises, is one of the biggest problems that face businesses today," said Ajay Agrawal, Founder & CEO of Sirion. "By combining Sirion's advanced CLM capabilities with Eigen's Document AI technology, we are creating an unmatched leader in the document AI landscape."
Sirion is set to launch two AI Research Centers: one in London and another in New York City, focusing on AI for financial services. These centers will concentrate on the advancement of AI technologies and the creation of cutting-edge AI tools for the financial sector.
Eigen Technologies is celebrated for its proficiency in data extraction, AI governance, and regulatory compliance. Its customizable, no-code AI platform employs machine learning to streamline document analysis, ensuring accurate data extraction with minimal training data needs. This expertise is expected to significantly bolster Sirion's product suite and provide enhanced value to its clientele.
Eigen’s AI models are celebrated for their accuracy and efficiency, especially in handling complex, domain-specific documents. This acquisition will enable Sirion to leverage Eigen's industry-leading model governance framework, crucial for regulatory reporting in banking and other regulated industries.
"We are excited to welcome Eigen to Sirion," added Agrawal. "This combination creates the world’s largest labeled contract dataset and allows us to extract valuable insights from a wide range of commercial documents, driving deeper value realization for businesses."
The acquisition of Eigen Technologies by Sirion marks a pivotal step in the evolution of enterprise AI, particularly in the realm of document and contract management. By combining their strengths, Sirion and Eigen are well-positioned to lead in providing advanced AI solutions that meet the growing demands of modern enterprises.
