Interim investors from other funding rounds include Baillie Gifford, Franklin Templeton, Google, venture capital fund NEA and Novo Holdings. It’s unclear exactly which investors participated in this latest round. Tempus declined to comment outside of a press release.
The debt financing comes from Ares Management, a Los Angeles-based private equity firm that also invests money in local healthcare companies like TAG-The Aspen Group and the Duly Health & Care physician group . Overall, the new funding brings Tempus’ total funding to more than $1.3 billion.
Tempus said it will use the new funds to scale its operations and build new capabilities for its platform. The company was founded in 2015, starting with providing gene sequencing services for the treatment of various cancers. Since then, it has expanded to treat other diseases, such as cariology, diabetes, and infectious diseases such as COVID-19. Now, the company says it has one of the world’s largest clinical and molecular data libraries. Using this information, Tempus says it can provide “contextual” results for each specific patient, insights that help doctors tailor and personalize treatment plans.
“Over the past seven years, we have made great strides in developing and implementing smarter diagnoses not only in oncology but also in neuropsychology,” Lefkofsky said in a statement. infectious diseases and cardiovascular disease”. “We are committed to achieving our mission of mass adoption of AI in healthcare with a focus on deploying solutions at scale that have a real impact on patient care today. present and future research.
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Last fall, it was reported that Tempus was exploring a public listing as early as the first half of 2022. But that was before this year’s volatile mass market led to one of the most turbulent public markets. weakest IPO market in years.
Earlier this year, Tempus acquired San Francisco-based Highline Sciences, a full-service clinical contract research organization that manages and executes early and late-stage clinical trials. At the time, Crain’s reported Tempus had 1,700 employees.
According to data from PitchBook and the National Venture Capital Association, Tempus’ fundraising is about to end the sluggish venture capital market this year. About $43 billion was invested in US companies in the third quarter, the lowest level in nine quarters. Like Tempus, many companies that are still raising capital are turning back to existing investors for cash.
Despite the VC downturn, healthcare companies in Illinois and across the country are attracting capital at a higher rate than some of their peers in other industries. Of the 10 largest VC deals in Illinois in the third quarter, seven were with healthcare companies spanning the pharmaceutical, medical device and healthcare services sub-sectors, PitchBook data and NVCA shows. A similar trend is taking place across the country.
This story first appeared in our sister publication, Crain’s Chicago Business.
