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Sorcero Secures $42.5 Million in Series B Financing

Sorcero, an innovative platform powered by artificial intelligence tailored for the life sciences sector, has successfully secured $42.5 million in Series B funding. This significant investment was led by NewSpring Capital, a firm known for its commitment to growth equity investments in high-potential technology companies. Also participating in this funding round were Leawood Venture Capital and Blu Ventures, increasing Sorcero's total capital raised to an impressive $59 million.

Accelerated Global Expansion

This new funding is set to expedite Sorcero’s growth across various segments, including medical affairs, safety, scientific communications, and medical devices on a global scale. The company aims to further enhance its AI capabilities, creating a medical insights-driven engagement model essential to meeting the evolving demands of life sciences.

Presently, one-third of the world’s top 30 pharmaceutical companies utilize Sorcero’s platform to extract actionable insights from their medical data. Thanks to its advanced capabilities, these companies are generating scientific evidence up to an astonishing 92% faster, while also accelerating the insight generation process by 72%. As a testament to the platform's efficacy, it can produce published evidence, manuscripts, and value dossiers two to five months quicker than traditional manual efforts.

Transforming Medical Affairs

The Sorcero Intelligence Platform includes specialized products such as Sorcero Medical™, Sorcero SciComms™, Sorcero Safety™, and Sorcero Medtech™, all of which are designed to revolutionize market access for new therapies. By integrating Agentic AI specifically trained for the life sciences, Sorcero combines the largest medically-enriched data pool in the industry with a regulatory-compliant architecture, crucial for this highly regulated sector.

CEO and co-founder Dipanwita Das articulated the company's forward-looking vision: "Our objective is to build a single intelligence platform for the precision medicine era. We are setting the stage for a new, evidence-based medical affairs model where targeted science drives physician engagement and promotes product adoption. By prioritizing the evidence needs of doctors, we enable life sciences to generate real-world insights at an unprecedented speed, helping to identify patients requiring specific treatments and continually improving patient outcomes."

Addressing Industry Challenges

In a landscape where precision medicine and specialty drugs account for over 80% of newly approved products, Sorcero acknowledges the challenges ahead. With billions spent on research and development, the path to widespread adoption of complex medicines is often fraught with delays. Current data shows that of the 1,300 drugs in Phase III development, 76% receive less than 50% payer coverage within six months. Consequently, enhancing the quality and speed of scientific publishing and evidence generation is critical for success in today’s marketplace.

Surprisingly, about 70% of healthcare professionals believe that pharmaceutical representatives lack an understanding of their needs, while 62% feel inundated with irrelevant promotional material. Such shortcomings in understanding patient and physician needs are primary factors contributing to the underperformance of drug launches. Sorcero addresses this gap by consolidating fragmented global data and real-world evidence into actionable insights tailored for each healthcare professional.

The Power of Integration

Utilizing its platform, Sorcero integrates hundreds of sources to create a holistic view of over 40 million healthcare professionals and 100 million published scientists worldwide. Its medically-tuned AI agents process, analyze, and verify information with an accuracy rate of 96.1% in clinical inclusion—a significant improvement over the 95% FDA regulatory benchmark. While traditional medical outreach typically relies on U.S.-specific claims data and prescription volumes, Sorcero leverages a worldwide spectrum of data, parsing more than 263 million publications and 1.3 billion citations, enabling tailored engagement with key opinion leaders and relevant doctors.

Market Projections

According to Hart Callahan, NewSpring General Partner, the potential of AI in helping pharmaceutical companies engage the right healthcare professionals, armed with the appropriate evidence when needed, is substantial. "Sorcero is uniquely positioned to fulfill the requirements of precision medicine," he stated, emphasizing the platform's ability to expedite treatment access for patients in need of critical therapies.

Investors are keen on Sorcero's innovative approach as it creates a significant competitive advantage in the life sciences domain. Dan Goldsmith, a seasoned life sciences software expert, lauded Sorcero's capability to drive real results. "As the adoption of specialty therapeutics escalates, life science organizations will need to focus on becoming data-driven and scientifically oriented, which Sorcero is perfectly designed for. The company stands out as a proven AI platform, delivering tangible outcomes and redefining the way therapies reach patients."

Backed by strategic partnerships with key data and AI players such as Google Cloud and others, Sorcero ensures compliance with regulations while catering to the specialized needs of the life sciences industry. Additionally, Sorcero’s recent acquisition of Axiom Health signifies its commitment to expanding into the medical device market.

Availability

Currently, the Sorcero platform is accessible through the NIH STRIDES and Google Cloud Marketplace, alongside a growing array of digital marketplaces. For more insights on how Sorcero is leading a new model for market access driven by evidence in life sciences, interested parties can visit www.sorcero.com.

About Sorcero

Founded in 2018 by innovators in AI and public health, Sorcero is dedicated to transforming decision-making in life sciences. Recognized multiple times for its groundbreaking applications, the company is headquartered in Washington, DC, and has been celebrated on national lists for its rapid growth and innovative practices.