Tempus Raises $110 Million in Series E Funding to Advance AI-Driven Precision Medicine for Cancer and Beyond

On the evening of August 29, 2018, Tempus, a leading startup leveraging molecular diagnostic data analytics to improve cancer treatment, announced the completion of its Series E financing round, raising a total of $110 million. This marks Tempus’s third fundraising effort within 11 months, bringing the company’s valuation to approximately $2 billion following this round.

Tempus, founded in 2015, is a technology company co-established by billionaire Eric Lefkofsky and Groupon. During his wife’s cancer treatment, Lefkofsky recognized the lack of data support in contemporary therapeutic regimens.

Currently, his company is collecting molecular diagnostic data and clinical data from hospitals across China and analyzing both in a database with the aim of improving the treatment standards for cancer patients.

The company is building the world’s largest molecular diagnostics and clinical database, along with an analytical operating system that enables clinicians to access and utilize these data. Through its interactive analytics and machine learning platform, it helps physicians deliver personalized care to patients. By leveraging its gene sequencing service platform and data analytics capabilities, the company empowers doctors and researchers to make real-time, data-driven decisions.

At its inception, Tempus secured $320 million in startup funding. To date, Tempus has established systematic collaborations with 250 hospitals and collected 2 million clinical cases.

In just three years, Tempus has built the most comprehensive database in the industry and secured a cohort of clinical partners to support its business operations. Leveraging advanced machine learning, next-generation sequencing (NGS), and AI-assisted image recognition technologies, Tempus’s platform empowers physicians with deeper insights and a more profound understanding of disease.

Ultimately, with the help of Tempus, physicians are able to assist patients in making data-driven decisions in real time.

They have also established partnerships with the American Society of Clinical Oncology (ASCO), NCI-designated cancer centers, other leading academic medical centers, network hospitals, and community physicians across the United States. It is reported that Tempus’s platform has reached one-quarter of cancer patients in the U.S.

It is understood that following this round of financing, the company will focus on expanding its business in therapeutic areas such as oncology, cardiovascular disease, and diabetes, and will extend its operations to Australia and Asia, beyond Europe and the United States. Investors in this round include Baillie Gifford, T. Rowe Price, Revolution Growth, and New Enterprise Associates (NEA).

“Our mission is to help accelerate the progress of precision medicine in the United States and other countries,” said Founder and CEO Lefkofsky. “We are very satisfied with the progress made so far and are honored to be recognized by world-class investors and partners. With their support, along with that of the Tempus team, we will go even further.”