Its data-driven push toward precision medicine is working. Why?
By now, it’d be wrong to refer to Tempus as a startup. The company, which aims to usher in the age of precision medicine through data collection and analysis technologies, announced today that it closed a $110 million Series E financing round, at a valuation of $2 billion.
This move caps a tremendous year in venture capital for Tempus. In March, it closed an $80 million Series D round, which came after a $70 million injection last September. All told, over the past year, the company has raised $260 million — and $320 million throughout its life.
The investor frenzy, of course, speaks volumes about the potential of Tempus and its data, machine learning and high-tech capabilities. But it also points to the ever-increasing power of precision medicine, a market that’s slated to hit $141.7 billion in the next eight years. And Tempus has positioned itself squarely in the middle of that revolution.
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“Our mission is to help usher in precision medicine, in the United States and abroad,” CEO and co-founder Eric Lefkofsky said in a statement. “We couldn’t be more thrilled with our progress to date, and we’re honored to be surrounded by world-class investors, collaborators, partners and an incredibly talented team here at Tempus.”
The company focuses on the gathering and analysis of clinical and molecular data. In three years, it has created what it calls the “most comprehensive data set in the industry,” with the help of its clinical partners. The Tempus platform churns out insights through machine-learning algorithms, next-generation sequencing and artificial intelligence-aided image recognition. The goal: to arm physicians with real-time data to strengthen their decision making.
Tempus has relationships with the American Society of Clinical Oncologists and various cancer centers, academic medical centers, health systems and physicians.
After a burst of growth, Tempus technologies now affect one in every four cancer patients in the country, according to the organization.
Its strides forward have attracted blue-chip investors, such as Baillie Gifford, T. Rowe Price funds, Revolution Growth, New Enterprise Associates and others. Each of those entities contributed to the latest funding round.
Tempus plans to use the money to “grow operations and expand into new therapeutic areas and geographies.”
Investor interest has blossomed in the past year. Prior to last September’s $70 million round, the company saw one $30 million round and three $10 million rounds, according to startup tracker Crunchbase.
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