Pharmaceutical firm Novo Holdings contributed to a $200m series F round for US-based precision medicine developer Tempus yesterday that valued the company at $3.1bn.
The round also featured Baillie Gifford, Franklin Templeton, New Enterprise Associates (NEA), Revolution Growth and funds and accounts managed by T. Rowe Price.
Founded in 2015, Tempus uses a combination of artificial intelligence, genome sequencing and computer vision technology to extract meaningful data from a library of molecular and clinical data aggregated from academic medical centres and community-based hospitals.
The company has so far concentrated its efforts on oncology, helping physicians better understand a patient’s tumour and personalise treatment plans.
Tempus will use the money to bolster its operations and accelerate its expansion efforts into additional therapeutic areas and new markets. Robert Ghenchev, head of growth equity at Novo, will join its board of directors.
The round brought the company’s funding to $520m to date, it said yesterday. It was valued at $2bn as of August 2018, when it closed a $110m series E round backed by Baillie Gifford, Revolution Growth, NEA, T. Rowe Price and unnamed, existing backers.
Kinship Trust, T. Rowe Price, NEA and Revolution Growth had supplied $80m in series D capital for Tempus in March 2018 at a reported valuation of $1.1bn. The latter two had already contributed to a $70m series C round in September 2017 that reportedly valued it at $700m.
Details of Tempus’ earlier funding rounds could not be ascertained.
