Tempus, an AI-powered precision medicine company, announced an additional $200 million financing at a post-money valuation of $8.1 billion. The investors include Baillie Gifford, Franklin Templeton, Google, Novo Holdings, and funds and accounts managed by T. Rowe Price. With these investments, Tempus has now raised around $1.05 billion.
The company also announced an additional $250 million of convertible debt.
Tempus has raised over $800 million to date, including a $100 million in Series G financing round at a post-money valuation of $5 billion.
Using advanced machine learning, sequencing, and AI-assisted image recognition, Tempus advances the discovery of new clinical insights and allows physicians to make real-time, data-driven decisions according to the company.
The company is also building libraries of clinical and molecular data and an operating system, which it uses to help physicians personalize care and ensure that every patient is on their optimal therapeutic path.
“Never before has the need to bring the power and promise of technology to healthcare been more acute than it is today,” said Eric Lefkofsky, Founder and CEO at Tempus.
“As a leader in this space, we are very much aware of our responsibility and the power of this moment in time, one in which we now possess the technological capability to use artificial intelligence to eradicate disease and help people live longer and healthier lives.”
Tempus plans to use the latest funds to expand its operations and establish its work in other disease areas, including infectious diseases, depression, and cardiology.
Clinical Decision Support software companies raised $660 million in the first nine months of 2020, according to Mercom’s latest report. More recently, Congenica, a clinical treatment decision platform, announced the completion of its Series C funding round, raising $50 million. The funding round was co-led by Tencent and Legal & General and included other new investors.