Chicago-based Tempus secures $110 million after a Series E financing round, hitting the $2 billion valuation mark.
With the funding, Tempus is expected to grow its operations, hire more staff, and expand beyond the U.S.
In March, the startup raised $80 million in a Series D funding round and with the latest injection of capital, Tempus has raised $190 million in 2018 alone.
Tempus’ founder, Eric Lefkofsky, who also founded Groupon, said the startup was in a period of “rapid growth and acceleration,” and the new investments will see them looking beyond oncology, with a new focus on other areas like cardiovascular disease and diabetes.
“We’ve begun to think about Europe, Asia and Australia, and how our model would extend there. We’ll be cautious in any step we take. These tools and our lab are operating at scale, so we feel like we’re in a unique position to extend our platform into other areas,” Lefkofsky said.
The financing round was led by Baillie Gifford, a U.K. investment management firm, with other notable participants being existing investors T. Rowe Price, Revolution Growth, and New Enterprise Associates.
The data analytics firm looks to expand its operations with its latest round of funding.
Tempus now employs nearly 500 people, with reports that it is adding 20 to 30 people a month and has opened an office in New York, its first outside of Chicago. Tempus is said to be interested in opening new offices in Boston, San Francisco, and Los Angeles.
The company uses machine learning and genomic sequencing to better understand a patient’s tumor, and it tailors treatment plans best suited to combat it. It also uses next-gen sequencing, and artificial intelligence assisted image recognition to accelerate insights and helps thousands of physicians make data-driven decisions on behalf of their patients.
Simply put, the increased prevalence of disease is a major factor driving the digital transformation of healthcare. The race is on to develop innovative treatments and healthcare startups like Tempus making an impact in this arena.
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