US-based drug development technology provider Tempus has raised $100m in series G funding from investors including pharmaceutical firm Novo at a $5bn post-money valuation.
The round also featured investment management firms Baillie Gifford and Franklin Templeton in addition to venture capital firm New Enterprise Associates (NEA) and funds and accounts managed by T. Rowe Price.
Tempus has created a software platform that utilises artificial intelligence technology to organise clinical and molecular data in order to help physicians make decisions about medicinal care for individual patients.
The company’s central focus is on cancer, but the series G proceeds will support its expansion into areas such as diabetes, cardiology and depression. It has now secured about $620m in funding altogether.
All the series G investors had previously taken part in a $200m series F round for Tempus in May 2019 alongside Revolution Growth.
The series F valued the company at $3.1bn, a $1.1bn increase from August 2018 when it raised $110m from investors including Baillie Gifford and existing backers Revolution Growth, NEA and T. Rowe Price. Earlier investors in Tempus include Kinship Trust.
Eric Lefkofsky, founder and chief executive of Tempus, said: “As a leader in bringing the power and promise of artificial intelligence to healthcare, we are mindful of the size and scope of the opportunity in front us. The latest fundraising will enhance our ability to forward invest in new disease areas and geographies.”
