You can use "Random Abbreviations" for free here

Try Random Abbreviations with different words or names. Curious about even more original features? Then go to the awesome NameRobot Naming Toolbox, where there is Random Abbreviations with all the trimmings. There are even more name generators and clever tools for word search, naming, and inspiration.

Here there are no fixed rules as to how abbreviations are to be formed. Randomly chosen first letters or word parts from up to four keywords you have selected will be mixed. This can result in a wide variety of abbreviations.

Two examples are the names Imax (Image Maximization) and Pixar (Pixel and the founder name Alvy Ray Smith).