Tempus announced the new financing at a value of $3.1 billion. Founded in 2015, the company has raised $520 million in funding so far. The investors in this round included Baillie Gifford, Franklin Templeton, NEA, Novo Holdings and Revolution Growth, with funds and accounts managed by T. Rowe Price. As part of the funding, Robert Ghenchev, director from Novo Holdings, will be joining the company’s board of directors.
The company, which is advancing precision medicine by collecting and analyzing molecular and clinical data, will use this latest round to boost its operations, as well as expand into new areas of therapy and locations.
The Tempus platform offers the largest, connected clinical and genomic database aggregated from academic medical centers and community-based hospitals, serving the entire healthcare ecosystem of providers, payers, researchers and life sciences companies. The platform uses advanced machine learning, next-generation sequencing and AI-assisted image recognition to enable physicians to make real-time, data-driven decisions on behalf of their patients.
“From our founding, Tempus has been singularly focused on improving the lives of patients diagnosed with disease, starting with cancer,” Lefkofsky said in a press release. “Three and a half years later, we are empowering stakeholders across healthcare with insights derived from real-world clinical evidence, connected to rich molecular data. We are humbled by the industry response thus far, and remain committed to delivering on the promise of precision medicine to improve patient care.”
The company has partnered with leading academic medical centers, NCI-designated cancer centers, hospital networks, physicians, researchers and CancerLinQ, a nonprofit subsidiary of the American Society of Clinical Oncology (ASCO). As it continues its steady rate of growth, the Tempus platform now touches more than one in four cancer patients in the U.S.