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Investment will enable Sorcero to meet the exponential growth in demand for advanced analytics from leading life sciences and STEM enterprises
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.