{"id":4209,"date":"2017-03-20T22:50:45","date_gmt":"2017-03-20T22:50:45","guid":{"rendered":"https:\/\/www.rsoftsolution.com\/blog\/sirionlabs-establishes-us-foothold-to-scale-its-nlp-contract-management-software-2.html"},"modified":"2017-03-20T22:50:45","modified_gmt":"2017-03-20T22:50:45","slug":"sirionlabs-establishes-us-foothold-to-scale-its-nlp-contract-management-software-2","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/sirionlabs-establishes-us-foothold-to-scale-its-nlp-contract-management-software-2.html","title":{"rendered":"SirionLabs establishes US foothold to scale its NLP contract management software"},"content":{"rendered":"


\n<\/p>\n

SirionLabs<\/a>, a startup providing vendor management software to enterprises, is adding a U.S. headquarters to its footprint. The company was initially founded in India and has raised $16.95 million from Sequoia Capital India,\u00a0Canopy Ventures and\u00a0Qualgro VC to\u00a0extract data from contracts to ensure transparency and accountability.<\/p>\n

The establishment of a U.S. presence\u00a0represents a strategic shift in the company\u2019s growth plans. Last year,\u00a0SirionLabs told TechCrunch<\/a> that it was looking to hire and relocate workers from Silicon Valley to India. While the startup has had offices in the U.K., Germany, Denmark and Singapore, it has been slow to establish a permanent U.S. team. The new headquarters will be located in\u00a0Dublin, California.<\/p>\n

Sirion, the company\u2019s platform, is currently used by companies like\u00a0BP, McDonald\u2019s and Vestas\u00a0to manage service providers and augment humans that traditionally manage vendor relationships. The startup expects to use natural language processing to analyze more than $8 billion in total contract value over the next year.<\/p>\n

Ajay Agrawal, CEO of\u00a0SirionLabs, told TechCrunch that 2-3 percent of a given contracts value is spent on managing the supplier relationship. After a stint as an EIR at Stanford, Agrawal decided to dedicate time and resources to partially automating this process.<\/p>\n

\u201cGiven the diversity of invoicing practices, we had to come up with a form to detect discrepancies,\u201d said Agrawal. \u201cThe contract tells you what should happen and performance data tells you what should have happened.\u201d<\/p>\n

The idea of using NLP to analyze and diligence contracts isn\u2019t new. SirionLabs was founded back in 2012, and competitors like Seal Software <\/a>date back even earlier, to 2010. The long tail of potential discrepancies that need to be flagged has been\u00a0a bit of a barrier to adoption in a market that doesn\u2019t have a stomach for risk. This is why Sirion requires both sides to agree to common outcomes in person, placing final accountability\u00a0on humans rather than machines.<\/p>\n

<\/p>\n

Featured Image: Image Source\/Getty Images<\/small><\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/j1LaJAH9ZnM\/<\/p>","protected":false},"excerpt":{"rendered":"

SirionLabs, a startup providing vendor management software to enterprises, is adding a U.S. headquarters to its footprint. The company was initially founded in India and has raised $16.95 million from <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-4209","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t