WASHINGTON and CAMBRIDGE, Mass., Sept. 16, 2021 /PRNewswire-PRWeb/ -- Sorcero, the leader in medical and technical Language Intelligence (LI), today announced the close of a $10 million Series A financing round led by CityRock Venture Partners (the growth fund of H/L Ventures) and Harmonix Fund, along with Rackhouse, Mighty Capital and Leawood VC, and joining previous investors, Castor Ventures and Worldquant Ventures, to support the increasing demand from new and existing customers. This brings the company's total funding to $15.7 million.
Demand for Sorcero's AI-powered Language Intelligence platform has skyrocketed in recent months, particularly in the life sciences sector. The total addressable market (TAM) is very large and growing rapidly, estimated at $42 billion for analytics in life sciences, $8.6 billion in clinical analytics, and $122 billion in augmenting the biomedical workforce. Sorcero has grown alongside the market, reporting 324% annual growth in 2020.
"We could not be more grateful to have secured the resources to empower more decision makers in life sciences and, ultimately, improve patient outcomes," said Dipanwita Das, CEO and co-founder of Sorcero. "This investment enables us to further define the Language Intelligence market, drive our capacity to serve more customers, and expand the domain expertise of our team."
Sorcero's Language Intelligence platform combines the power of the biggest language models with the accuracy of industry ontologies to deliver the next generation of advanced analytics for medical and technical content. Its applications augment subject matter experts in the world's largest and most innovative life science companies with new capabilities to work up to 10x faster with increased accuracy and consistency.
The founding team has extensive experience in transforming global markets, positively impacting billions of lives and managing top innovation organizations. Co-founder and CEO Dipanwita Das has built international public health platforms that were used to inform over 3 billion health outcomes in 20 countries. Fellow co-founder and chief technology officer, Walter Bender, established and led the Massachusetts Institute of Technology (MIT) Media Lab, invented personalized content and created the netbook category. Richard Graves, co-founder and chief commercial officer, has co-founded and grown revenue at data-science driven startups from $0 to over $200 million. As a team, the Sorcero founders and their senior executives represent a seasoned, exceptional group of leaders and technologists with proven business-building experience.
"The CityRock team proudly supports innovation at the nexus of growth, impact, and diversity. Sorcero's cutting-edge AI solutions are already making a life-saving difference in healthcare and biotechnology, representing the best of what can happen when skilled employees have the benefit of technology at their fingertips. Working with Dipanwita, Richard, Walter and their team to achieve these important goals is as inspiring as it is fulfilling," said Oliver Libby, partner at CityRock Venture Partners.
"Harmonix Fund is thrilled to support the world-class team at Sorcero in creating the world of tomorrow, today. Sorcero's advanced NLP platform represents the next generation of human Language Intelligence to solve the most pressing bottlenecks in data analytics across the healthcare and life sciences sectors. The Sorcero team represents a nexus of unparalleled creative intellect and engineering prowess. We look forward to joining their mission in improving patient outcomes and ushering in a new paradigm in applied artificial intelligence," said Maximilian Winter, general partner at Harmonix Fund, and Krish Ramadurai, partner at Harmonix Fund.
"Rackhouse Venture Capital couldn't be more excited to participate in this fundraise and work more closely with Dipanwita and the entire Sorcero team to build the future of Language Intelligence," said Kevin Novak, managing partner and founder at Rackhouse Venture Capital and formerly Uber's first head of data science. "We strongly believe that their differentiated technology, top-tier team and inspiring vision will enable them to continue to expand the important work they've already begun with researchers and patients in the life sciences field."
"Sorcero is pioneering the promising intersection of life sciences and data sciences with an impressive team and traction," said Chris Dunn, M.D., partner at Mighty Capital. "Mighty Capital invests in great products that are also great businesses, and this is definitely one!"
"We're pleased to support Sorcero with this additional capital investment and look forward to following the transformative impact their powerful Language Intelligence platform will have throughout the life science industries," said Karl Gemperli, co-founder and managing partner of Leawood Venture Capital. "As investors, we strive to identify talented and dedicated leadership teams with deep domain expertise and unique technology. We continue to be impressed with Sorcero's innovative approach of turning detailed scientific content into an actionable and valuable enterprise asset."
About Sorcero
Sorcero is the leader in medical and technical Language Intelligence (LI) for life sciences and STEM enterprises. Its technology platform delivers a 1,000% increase in analytical capability and extracts complex insights to augment critical decision-making for some of the world's largest and most innovative pharmaceutical, diagnostic and biotech organizations. Sorcero is privately held and headquartered in Washington, D.C. and Cambridge, MA. For more information, visit http://www.Sorcero.com.
Media Contact
Elizabeth Venafro, Sorcero, 5712719612, [email protected]
Alissa Vasilevskis, Boca Communications, 415-786-7204, [email protected]
SOURCE Sorcero
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