Big Moves by Eigen and Indico Data

last updated:

Big Moves by Eigen and Indico Data

last updated:

Today, two of our brightest Innovation Award winners announced major moves that will bring outstanding document AI into two vertical markets.

Eigen Technologies acquired by CLM leader Sirion

Three years ago, we predicted that Eigen would be a good acquisition candidate for an enterprise software company, and so today’s news comes as no surprise. Contract lifecycle management (CLM) is a perfect home for Eigen’s advanced document AI models and platform. It’s not just about a contract anymore; it’s about analyzing and understanding all of the documents related to a typical contract. With Eigen, Sirion can move beyond contracts and extract intelligence and meaning from many other document types like invoices, purchase orders, engineering reports and operational manuals.

Ajay Agrawal, Founder and CEO of Sirion, commented, “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”.

Founded in 2015, Eigen Technologies is headed by CEO and founder 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 AI models that achieved extremely high accuracies of data extraction with minimal training data requirements (as few as 2 documents).

Sirion also announced that Eigen will form the core of a new AI Research Centre in London dedicated to further advancing the state of contract and document AI. We can’t think of a better location; the U.K. is renowned for its world-leading AI education and its AI think tanks.

Indico Data raises $19M in new funding round led by Guidewire

Last year we dubbed Indico as the “adults in the GPT room” for their reasoned approach to LLM integration. We also applauded their strategic shift from all purpose IDP into a focus on intelligent document intake for insurance platforms. So once again, it comes as no surprise that Guidewire Software, a global leader in property and casualty (P&C) insurance software, led the recent round.  

Insurance processes are jammed full of unstructured and semi-structured documents, starting with new customer onboarding and running through claims processing. This is another industry ripe for what IDP does best: to assist humans to read and process all the paperwork, with higher accuracy and faster outcomes.

“Guidewire is focused on identifying best-of-breed solutions to ensure our customers can solve their underwriting and claims challenges end to end with the Guidewire platform,” said Jay Grayson, Head of Corporate Development & New Ventures at Guidewire. “Indico’s deep experience in developing and deploying large language model-based solutions for unstructured data, combined with their experience and expertise with P&C Insurance makes them a great fit for Guidewire’s global customer footprint.”

Chapeau to Tom, Madison, and the team at Indico Data for the successful round, and best wishes as they plan how to spend that money.

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