US-based precision therapeutics developer Tempus raised $200m yesterday in a series G2 round featuring internet technology provider Google and pharmaceutical firm Novo, at an $8.1bn post-money valuation.
The corporates joined investment management firms Baillie Gifford and Franklin Templeton in the round along with funds and accounts managed by investment manager T. Rowe Price.
Tempus is applying artificial intelligence to large volumes of clinical and molecular data to develop precision medicine products for cancer, infectious and neurological diseases. The capital will help it expand into new areas such as depression and cardiology.
Eric Lefkofsky, founder and chief executive of Tempus, said: “Never before has the need to bring the power and promise of technology to healthcare been more acute than it is today.
“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.”
The company has now raised a total of about $1.05bn, having received $100m from Novo, Baillie Gifford, Franklin Templeton, New Enterprise Associates (NEA) and funds and accounts managed by T. Rowe Price in a March 2020 series G round valuing it at $5bn post-money.
The valuation was an increase from the $3.1bn valuation secured by Tempus when it raised $200m in series F funding from Novo, Franklin Templeton and existing backers Baillie Gifford, NEA, Revolution Growth and funds and accounts managed by T. Rowe Price in May 2019.
