Tempus AI to IPO
- Tempus AI, a health tech company, that provides "AI-enabled precision medicine" filed for an IPO with the SEC on May 21
- Founded in 2015, Tempus has developed the world's largest library of clinical and molecular data and an operating system for precision medicine itself.
- They focus on AI-enabled diagnostics across various fields including cardiology, neuropsychology, and radiology.
- Their Platform can ingest real-time healthcare data to personalize diagnostics.
"We make tests intelligent by connecting laboratory results to a patient’s own clinical data, thereby personalizing the results. Our novel insight was realizing that all laboratory test results, genomic or otherwise, could be contextualized for a specific patient based upon that patient’s unique characteristics." Tempus S-1
Company Overview:
- Its services are utilized by 95% of the largest public pharmaceutical companies and over 7,000 physicians.
- Tempus' platform connects providers through "dedicated data pipelines that create a network of healthcare institutions through approximately 450 unique data connections across more than 2,000 healthcare institutions."
- Tempus has partnered with major pharmaceutical companies including Pfizer, GSK, and AstraZeneca.
The IPO:
- The company has received $1.3 billion in funding over nine rounds, valued at $8.1 billion after a $200 million financing round two years ago.
- The company reported revenues of $321 million in 2022, growing to $532 million in 2023, with $146 million in the first three months of 2024.
- Despite increasing revenues, Tempus incurred net losses of $290 million in 2022 and $214 million in 2023.
Digital Product Designer, Entrepreneur
1moThis seems like positive news on many fronts.