With $80M in New Financing, Tempus Plans Further Platform Growth

March 22, 2018
With $80M in New Financing, Tempus Plans Further Platform Growth
Tempus has raised an additional $80 million in financing, saying that proceeds will be used toward will be used toward further growing and scaling the company’s clinical and molecular analytic platform. [© KaYann/Fotolia]

Tempus has raised an additional $80 million in financing, saying that proceeds will be used toward will be used toward further growing and scaling the company’s clinical and molecular analytic platform.

The latest financing brings to $210 million the amount of capital raised by Tempus since it was launched in 2015. The company’s previous financing came in September 2017, when Tempus raised $70 million in a Series C round.

Chicago-based Tempus seeks to build the world’s largest library of molecular and clinical data, as well as an operating system to collect, sort, and analyze that data, to improve its accessibility and utility to physicians.

NYU School of Medicine and the Parker Institute for Cancer Immunotherapy are two clinical partners that launched collaborations with Tempus this year. The company’s other collaboration partners include the University of Chicago Medicine and Biological Sciences (focused on breast cancer), University of Pennsylvania's Abramson Cancer Center (immunotherapies), University Hospitals Seidman Cancer Center (ovarian and triple negative breast cancer), University of Michigan (breast cancer, pancreatic cancer, and commercialization of U-M’s MI-ONCOSEQ cancer panel), and Duke University School of Medicine (brain cancer).

In addition to working with hospital systems—including nearly half of all academic medical centers in the U.S.—and independent oncologists, Tempus is partnering with Precision Health AI and CancerLinQ, a wholly owned nonprofit subsidiary of the American Society of Clinical Oncology (ASCO), in a collaboration launched in December 2017 to accelerate development and delivery of high-quality, de-identified clinical databases.

“Tempus was born out of frustration with a health care system that too often let powerful data and real-world evidence go to waste," said Eric Lefkosky, Tempus founder and CEO.

“Given the breadth and scale of our current data set, we’re in a unique position to help usher in an era of precision medicine to support patients battling disease,” added Lefkofsky, who is also cofounder and chairman of Groupon.

He told the Chicago Tribune that the company employs about 400 people, and is adding staffers at a rate of about 30 per month.

New investors Kinship Trust Company and funds advised by T. Rowe Price Associates joined existing investors New Enterprise Associates and Revolution Growth in the financing round. Revolution Growth’s chairman and CEO is Steve Case, a co-founder of America Online.