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Sirion, now valued around $1B, acquires Eigen in enterprise AI tooling consolidation play | TechCrunch

Jun 06, 2024 - techcrunch.com
Sirion Labs, a specialist in contracts, is acquiring Eigen Technologies, an enterprise AI pioneer that has focused on parsing and extracting insights from documents in sectors like insurance, finance, and legal. The deal highlights the increasing demand for AI in the B2B market and a trend towards consolidation in enterprise IT. The financial terms of the deal were not disclosed, but Eigen, which has raised over $80 million to date, had other acquisition and funding offers on the table. Sirion, valued at around $1 billion, was chosen as the best option due to existing business partnerships and a shared vision.

Sirion, founded in India, applies AI to contract lifecycle management, providing tools for conversational queries to search and extract information, and to parse contracts for clarity on terms, total contract value, and potential loopholes. The company, which manages more than 7 million contracts worth $800 billion for over 250 large enterprises, is not yet profitable and has between one and two years of runway left. CEO Ajay Agrawal said the company is looking for "tech-led" additions and expects more consolidation in the AI space in the next 18 to 24 months.

Key takeaways:

  • Sirion Labs, a specialist in contracts, is acquiring enterprise AI pioneer Eigen Technologies, which focuses on parsing and extracting insights and data from documents.
  • Eigen Technologies has raised over $80 million to date and was valued at around $170 million in 2019. Its investors include Goldman Sachs and Dawn Capital.
  • Sirion Labs, founded in India, applies AI to contract lifecycle management. It recently closed a Series D funding round at $110 million and is now valued at around $1 billion.
  • The CEO of Sirion Labs, Ajay Agrawal, anticipates a consolidation trend in the AI space over the next 18 to 24 months and is open to tech-led acquisitions.
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