Focused on using genomic sequencing to help doctors customize cancer treatments, Lefkofsky’s Chicago-based Tempus announced Monday that it has raised $70 million in its series C funding round from investors Revolution Growth and New Enterprise Associates.
This funding is part of a total $130 million raised since Lefkofsky started Tempus in 2015 with longtime business partner and fellow Groupon cofounder Brad Keywell. The latest fundraising puts the valuation of Tempus at approximately $700 million, according to an unnamed source close to the deal. A spokesperson for Lefkofsky would not comment on Tempus' valuation.
Lefkofsky, who is CEO, and Keywell have personally invested in every fundraising round for Tempus and remain its largest individual investors. Last year, Lefkofsky told Crain’s Chicago Business that he was willing to invest up to $100 million in the business.
New investors NEA and Revolution Growth have funded companies like stock trading app Robinhood (NEA), salad chain Sweetgreen (Revolution) and personal genomics firm 23andMe (NEA). Revolution Growth, started by fellow billionaire Steve Case, makes just two to three investments a year focusing on startups based outside Silicon Valley and New York City.
But why venture into healthcare after a career spent in the tech industry? Three years ago Lefkofsky’s wife Liz was diagnosed with breast cancer. During her treatment, he noticed the lack of a sophisticated infrastructure in how clinical data collection took place, he told MedCity News in July.
Now, Tempus is using technology to compile large quantities of genomic and clinical data from cancer patients so doctors can use that to better personalize treatment.
“In oncology, and across healthcare more broadly, datasets have historically been small and disorganized,” Lefkofsky said in a statement. “Thankfully, technology has opened the door to new possibilities and for the first time in history, it is possible to amass massive amounts of molecular and clinical data and put it to work for the benefit of patients.”
In the last year, Tempus has announced partnerships with the
Lefkofsky, who remains Groupon’s chairman, is also a cofounder with Keywell of big data unicorn