Strategic VCs oversubscribe enterprise AI startup’s May 2019 $1.2 million raise to $1.6 million.
WASHINGTON (PRWEB) SEPTEMBER 30, 2019
Sorcero, a rapidly growing Washington, DC enterprise AI software startup is proud to announce its selection, into three of the Plug and Play Tech Center’s Accelerator Programs: Life Sciences, InsurTech, and Enterprise 2.0. Sorcero was the only startup selected for all three of those programs, out of thousands of global startups, which have collectively raised hundreds of millions in capital, that applied to those programs.
“We are thrilled to welcome Sorcero to the Plug & Play Ventures portfolio,” said Nick Chow, “Their enterprise NLP platform can help fill the large and growing need for scalable AI solutions for our partners’ digital transformation programs.”
Plug and Play’s accelerator programs are unique, as startups are selected via a pitch process to executives from the world’s largest corporations. Hundreds of Fortune 500 companies partner with Plug and Play, including DC-region companies Geico, Willis Towers Watson, Markel, and Deloitte that participated in the InsurTech program that selected Sorcero.
“Sorcero is delighted to join the Plug and Play ecosystem and portfolio,” said Dipanwita Das, Founder, and CEO of Sorcero. “Their global innovation platform offers the opportunity to rapidly learn from and provide solutions to the world’s leading corporations.”
This is a testament to Sorcero’s uniquely flexible Natural Language Processing (NLP) suite which has significant life sciences & insurance industry interest and large-scale applications in enterprise digital transformation.
Plug & Play Ventures also added Sorcero to their portfolio, helping oversubscribe Sorcero’s initial $1.2 million round that the company closed in May 2019. Joining with existing investors, the oversubscription brings the total capital invested in Sorcero to $1.6 million. Plug & Play Ventures joins a syndicate of venture investors, including Castor Ventures, the Upscale fund, Jane.vc, as well as the University of Maryland’s Dingman Angels.
“Sorcero is a very exciting startup for Castor Ventures, harnessing decades of experience in technology research from MIT, the leading university on AI, to solve tough enterprise challenges, all led by an insightful and dynamic founding team,” said Cainon Coates, Senior Principal, at Castor Ventures, the Alumni Ventures Group MIT fund.
Sorcero has already been selected for a number of the leading DC-based programs for high-growth tech and women-led startups, including MindShare, the Vinetta Project, and DC Inno’s 50 on Fire.
About Sorcero
Sorcero’s Enterprise NLP suite provides prebuilt, configurable Natural Language Processing solutions to deliver scalable, automated advanced knowledge bases, decision support, and compliance for Life Sciences and Insurance. Built by senior MIT research scientists and informed by decades of experience in digital transformation, Sorcero’s platform provides cutting-edge capabilities to enhance the value chain across regulated and technical industries.
For more information, visit http://www.sorcero.com.
About Plug and Play
Plug and Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services, and an in-house VC to make technological advancement progress faster than ever before. Since inception in 2006, our programs have expanded worldwide to include a presence in over 25 locations globally and partnering with over 320 official corporate partners, giving startups the necessary resources to succeed in Silicon Valley and beyond. We provide active investments with 300 leading Silicon Valley VCs and host more than 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, and PayPal.
Dipanwita Das, Founder, and CEO at Sorcero
This is a testament to Sorcero’s uniquely flexible Natural Language Processing (NLP) suite which has significant life sciences & insurance industry interest and large-scale applications in enterprise digital transformation.
