Crain’s Chicago Business recently published John Pletz’s article, “Tempus raises another $80 million, reaches unicorn status”. The article reveals the recent status upgrade to Tempus Labs, a company co-founded by the serial entrepreneur, Eric Lefkofsky.
The company has done well since its beginning nearly two years ago. The startup raised $210 million in two years, nearly doubling its team to 400 members. It recently raised another $80 million and is valued at around $1.1 billion. The Kinship Trust, an investment company based in Chicago and led by T. Rowe Price was one of the many to invest in the company. Other investors include the AOL founder, Steve Case, and his Venture company, Revolution Ventures.
Tempus Labs is becoming a conglomerate of data-scientists, mathematicians, and technology to provide precision medicine. The goal isn’t to sell a service but rather to solve an issue within the medical industry. The company can take significant amounts of clinical data as well as molecular data from each individual patient. This allows oncologists to use the information of clinical data of all the patients who have had similar cancers with similar molecular backgrounds. This allows the company to provide precision medicine, or precision oncology. It collects both clinical data and molecular data and analyzes it for the oncologists to make decisions in real time. They use genome sequencing to gather the molecular data on everyone and compare it to treatment options and clinical trials. By doing so, physicians have a better idea of how treatments will work with the patient, since they have seen how it has worked with patients with similar genetic profiles.
This will be beneficial for cancer patients because it allows their doctors to have the information of what treatments have worked with other patients with similar diagnoses. The company also saves the physician time by going through all the electronic medical records to gather the correct data points necessary to making decisions. This means that the doctors will spend less time sifting through information and spend more time helping their patients.
The goal of the company is to see each case as a person first, to recognize that everyone has gone through a significant life change with the diagnoses. And through the information the company provides, they will help doctors provide more accurate treatment. The company began for a personal reason for the co-founder, Eric Lefkofsky. After watching a family member go through the treatment process, Lefkofsky recognized that someone needed to bring updated and modern technology to the health industry to help physicians. They hope to create a system that provides greater precision medicine for cancer patients, and eventually for those with other diseases. By making the information useful and accessible, Lefkofsky’s company will create a large dynamic shift in the medical industry.
The company has received a large amount of interest in the investing sector, particularly in the Chicago technology community. Though dramatically different from his other startups, Lefkofksy realizes the possibilities of this company. It has a reach of nearly 25-30% of cancer patients in the U.S. as it teams with a variety of academic medical centers and otologists.