Sorcery raised $10 million in a Series round of funding on Thursday to help it scale its medical and technical language intelligence platform. The latest amount of funding comes as the company, which has offices in Washington, D.C. and Cambridge, Massachusetts, sees a surge in demand for its advanced analytics from medical sciences and technology firms. Sorcerer’s natural language processing platform helps subject-matter experts get answers to their inquiries faster, allowing them to make better decisions.
The round was co-led by CityRock Venture Partners, H/L Ventures’ expansion fund, and Harmonix Fund, with new investors Rackhouse, Mighty Capital, and Leawood VC joining existing backers Castor Ventures and WorldQuant Ventures. Source has already raised a total of $15.7 million in fundraising since its inception in 2018. Dipanwita Das, co-founder, and CEO of Sorcero, told TechCrunch that before founding the company, she worked in public policy; an area scientific material is valuable but sometimes a source of confusion and hardship. There had to be a better method to make better decisions across the healthcare value chain, she reasoned.
She met co-founders Walter Bender and Richard Graves at that time, and the company was born. Das explained, “Everything is in service of subject-matter specialists being faster, better, and less prone to errors.” “Deep learning advances that are accurate bring a lot of transparency. Science affairs and regulatory teams utilize us to acquire scientific data and effectively disseminate it to a wide range of stakeholders.”
The overall potential market for language intelligence is large – Das estimates that the life sciences sector alone is worth $42 billion. She noted that the co-founders had witnessed the company expand at a rate of 324 percent year over year since 2020 as a result of the demand. Raising a Series A allows the company to service a wider range of customers in the life sciences industry. The company plans to invest in both engineering and commercial talent. It will also invest in Sorcero’s go-to-market strategy in order to pursue more use cases.
Scaling into product-market fit in the medical affairs and regulatory sector, as well as closing new partnerships, will be a major emphasis for the company in the next 12 to 18 months. Sorcerer’s platform, according to Oliver Libby, a partner at CityRock Venture Partners, “provides the rails for AI solutions for enterprises” who have previously struggled with AI technologies as they try to combine data sets that already exist in order to conduct analysis successfully on top them.