Tempus closes large series F deal
Tempus, a Chicago-based medical startup received $200 million in series F funding in May in a deal led by Baillie Gifford, a British investment firm. Eric Lefkofsky, the company’s CEO, launched Tempus In 2015 after having witnessed the difficulty that his wife’s physicians went through to access appropriate data that could inform the course of…
Tempus, a Chicago-based medical startup received $200 million in series F funding in May in a deal led by Baillie Gifford, a British investment firm.
Eric Lefkofsky, the company’s CEO, launched Tempus In 2015 after having witnessed the difficulty that his wife’s physicians went through to access appropriate data that could inform the course of her treatment for breast cancer.
Tempus uses artificial intelligence (AI) analytics to guide and advance precision medicine, especially in oncology. Precision medicine is an approach that considers genetic, environmental, and lifestyle factors when characterizing specific diseases and developing corresponding treatments for patients. It promises to lead to the transformation of therapeutic medicine. Currently, the medical system imposes a one-size-fits-all approach to care that can often result in patient suffering due to the side effects of an imprecise treatment.
Tempus has become one of the leading innovators in the precision medicine movement. The company is using a technology-based platform that incorporates the analysis of both molecular and clinical data to develop more precise methods for treating cancer and other diseases. The company’s eventual goal is to create a system that uses AI to develop unique paths and treatments for all patients for maximum efficacy.
The Tempus approach includes three main stages for creating customized treatments for patients: (1) generation of genomic results, (2) transformation of unstructured data, and (3) delivery of actionable insights. Genomic results are generated by analyzing DNA, RNA, and the proteomic data of the patient’s cancerous cells. Unstructured data is collected from clinical notes, lab reports, pathology images, and radiology scans; this data is then compiled along with the genomic results to determine clinical context. The final stage is the delivery of actionable insights via Tempus’ data analysis platform.
This unique platform employs advanced analytics and machine learning technology to assess appropriate patient-specific treatments for cancer. Data from individuals and populations with similar molecular and clinical character are analyzed to determine viable options for the best therapeutic intervention and course of action for each patient. Huge amounts of diverse data are required to train the system and ensure case analyses are precise.
“From our founding, Tempus has been singularly focused on improving the lives of patients diagnosed with disease, starting with cancer,” said Lefkofsky in a recent 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.”
Lefkofsky has extensive experience in the entrepreneurial ecosystem. He is also the founding partner of Lightbank, the founding investor of Uptake Technologies and co-founder of Groupon, Mediaocean, Echo Global Logistics, and InnerWorkings. Furthermore, he shares his knowledge with budding entrepreneurs at the University of Chicago Booth School of Business as an adjunct professor, and through his recently published book, Accelerated Disruption.
The most recent round has added $200 million in funding to the formidable $320 million venture capital raised since the founding of the company in 2015. Valuation is now at $3.1 billion. The Series F round, in addition to Baillie Gifford, includes investors New Enterprise Associates and Revolution Growth, Franklin Templeton, and Novo Holdings. With the new funds, Tempus has expanded their services and now offers the Tempus Integrated Molecular Evaluation (TIME) Trial program which provides a new way to increase patient participation in clinical trials.
Visit www.tempus.com for more information on this company.
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