Sirion Acquires Eigen Technologies, Bringing Document AI to Contract Intelligence
- Last Updated: Jan 06, 2025
- 15 min read
- Ajay Agrawal
Contract intelligence has advanced rapidly over the past decade, but we are still at the beginning of teaching computers to understand the full context of the contracting process, and to read contracts in a much more sophisticated manner.
Most of today’s bots and intelligent assistants respond to simple queries, such as providing a list of relevant contracts or generating an expiry alert. Since these systems are limited to contractual data, they are unable to navigate semantic uncertainty or carry on nuanced conversations regarding contextual data that resides in other non-contract documents.
We are thrilled to announce that Sirion has acquired Eigen Technologies, a pioneering company in document intelligence and Intelligent Document Processing (IDP), particularly within the Financial Services Industry (FSI).
Eigen’s customizable, no-code, AI-powered platform uses machine learning to automate the extraction of answers from documents and can be applied to a wide variety of use cases. It understands context and delivers better accuracy on far fewer training documents, while protecting the security of clients’ data.
IDP represents a significant leap forward in the CLM market, enabling AI systems to understand the full context and meaning of various document types like invoices, purchase orders, engineering reports and operational manuals, beyond just contracts. Eigen is used by some of the largest enterprises like Goldman Sachs, ING, Bank of America and Deloitte. Almost half of all global systemically important banks (G-SIBs) use Eigen to overcome their document and data challenges.
Eigen Technologies is led by a team comprising some of the brightest minds in AI and data science, and is headed by CEO Dr. Lewis Z. Liu, a former physicist with the University of Oxford Physics Department and a former researcher at CERN. Over the years, Lewis and team pioneered “small data AI,” where Eigen achieved extremely high accuracies of data extraction with minimal training data requirements (2-50 documents) with a no-code democratic approach to AI, where any business user can leverage Eigen.
"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 at 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."
World’s Largest Labeled Dataset for Commercial Contracting
Sirion has long been a pioneer and market leader in using AI to unlock contract intelligence. As a data-centric and AI-native company, AI is more than just a feature for us — it’s in our DNA. We have been at the forefront of teaching computers how to read contracts the way lawyers do.
We earned this reputation by assembling a portfolio of several hundred small and medium language models that we’ve trained on billions of data points extracted from 10M+ enterprise contracts. Our customers use these AI models to get answers faster, negotiate better deals, and realize maximum value from their contractual relationships.
However, contracts form only a limited part of the larger family of document types that can be mined to drive business value. The Eigen acquisition enables Sirion to expand its already large base of labeled dataset to now create the world’s largest labeled dataset for commercial contracting.
“We are excited to welcome Eigen to Sirion. This combination of Sirion with Eigen’s Document AI and IDP platform creates the world’s largest labeled dataset for commercial contracting and allows us to extract valuable insights from a wide range of commercial documents adjacent to the contract”.
Expanding Our Footprint
Eigen’s document AI technology and Sirion’s contract intelligence engine will form the bedrock of our AI Studio. This will help our customers expand the scope of their contract intelligence to include intelligence from commercial documents across the enterprise.
To this end, Eigen will form the core of our new AI Research Centre in London dedicated to further advancing the state of contract and document AI.
The acquisition of Eigen will also bolster our presence in the FSI. To support this strategic focus, we will establish another AI Research Centre in New York City, dedicated to advancing our research and development efforts within the FSI sector.
This move positions Sirion at the forefront of the rapidly evolving AI-native CLM market. However, we have much to do.
Our vision is to develop AI that can read, understand, and interpret unstructured natural language within contracts much like a lawyer would. To do this, we will need to venture well beyond the world of static and rigid models that require manual training to adapt to changes.
So how will we overcome these challenges?
Stay tuned for our next blog post in this two-part series where we will delve deeper into that topic. Sign up for our newsletter below to get notified via email.
“Unstructured data, specifically billions of documents and contracts that sit in enterprises, is one of the biggest problems that face businesses today. 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.”
Additional Resources
What is Contract Data Extraction: 5 Key Steps to Implement it
