Predicting similarity between nouns like university names and tech companies? I am trying to extract entities like university studied at and tech companies from resumes , I have a list of popular universities and companies and I want to find out which university best matches the extracted entity 

Example 

1) University in the list : IIT Bombay 

Extracted entity : Education : Indian Institute of technology Bombay Btech

2)University in the list : Infosys 

Extracted entity : Infosys India Ltd.

As you can see , there are extra unwanted words , short forms , expanded forms etc recognized in the extracted entity , is there any sentence similarity algorithms best suited for this purpose ? 

Using SpaCy for entity extraction.
This is a case of entity resolution for which a standard method is not available. You will have to write your own method also using abbreviation resolution. The python Dedupe package has some distance metrics which you could use to calculate the similarities.