Investors include: The investors include Baillie Gifford, Franklin Templeton, New Enterprise Associates (NEA), Novo Holdings, and funds and accounts managed by T. Rowe Price.
The new funds will help to expand the company’s services into other disease areas, such as diabetes, depression, and cardiology. Currently, the company works with oncologists across medical systems, including academic medical centers in the U.S. The company serves providers, payers, researchers, and life sciences companies.
The company has raised over $600 million since its founding in September 2015. In last year may, the company raised $200 million in a Series F financing round at a valuation of $3.1 billion.
Using advanced machine learning, sequencing, and AI-assisted image recognition, the company expedites the discovery of new clinical insights and allows physicians to make real-time, data-driven decisions.
The U.S. led investment activity in the precision medicine sector. The global precision medicine market will reach $84 billion by 2026, according to Acumen Research and Consulting.
“As a leader in bringing the power and promise of artificial intelligence to healthcare, we’re mindful of the size and scope of the opportunity in front of us,” said Eric Lefkofsky, Founder and CEO at Tempus. “The latest fundraising will enhance our ability to forward invest in new disease areas and geographies.”
In a similar deal, last year PierianDx, cloud-based precision medicine, and clinical genomics informatics company, raised $27 million, bringing its total raised to $30 million. Oncora, a precision medicine company that helps doctors and scientists with analytics tools to develop the optimal cancer treatment plan for each patient, received an investment from Varian.