Sirion, an AI-native contract lifecycle management (CLM) company, has acquired Eigen Technologies, a specialist in Document AI for insurance and financial services that has pioneered data extraction and AI governance.
The company has been using artificial intelligence (AI) to unlock contract intelligence for a long time, its experience has made the company one of the best in the market, according to the firm.
Its Single Extraction Agent (SEA) uses several hundred language models trained on billions of data points extracted from 10M+ enterprise contracts. The addition of Eigen’s AI technology will accelerate the move from contract intelligence to full document intelligence.
The deal combines Sirion’s contract intelligence with Eigen’s Document AI and intelligent document processing (IDP) platforms.
This transformation means Sirion’s customers will be able to pull insights from all business documents, from contracts to invoices to purchase orders and engineering reports.
The acquisition of Eigen will also allow Sirion to expand the range of technologies and
capabilities it offers its FSI customers.
Eigen’s AI researchers and engineers will form the core of Sirion’s new AI Research Centre in London. The company also plans to establish another AI Research Centre in New York City to develop the next generation of AI capabilities for FSI, driving automation that give users higher control and explainability of the models.
Ajay Agrawal, Founder & CEO of Sirion, commented: “We are excited to welcome Eigen to Sirion. We have been at the forefront of teaching computers how to read contracts the way lawyers do.
“This combination of Sirion with the Document AI and IDP platform built by Dr. Lewis Liu and his Eigen team creates the world’s largest labelled contract dataset and allows us to extract valuable insights from a wide range of commercial documents adjacent to contract – such as invoices, purchase orders and performance reports – and drive deeper value realization for the business.”
“Unstructured data, specifically billions of documents and contracts that sit in enterprises, is one of the biggest problems that face businesses today” said Dr Lewis Z. Liu, Founder & CEO of Eigen Technologies. “By combining Eigen’s best in class Document AI and AI governance with Sirion’s category leading CLM and document workflow capabilities, we are creating an unstoppable natural leader in the contract and document AI world.
He continued: “At Eigen, we pioneered large scale data extraction for complex documents and created the world’s most trusted Document AI engine. Our engineers and data scientists are some of the best in the world in bringing AI into production for large enterprises.
“Eigen, when integrated with Sirion’s platform, will change the enterprise data landscape as we know it, for the better. I’m excited to be joining Ajay on the Sirion journey and deeply believe we will solve the unstructured data problem when no one else has.”
