Tempus, a Chicago-based technology company that has built an operating system to battle cancer, made public it closed a $70 million round of venture funding.
Investors Revolution Growth and New Enterprise Associates (NEA) co-led the funding which is part of a total of $130 million raised by co-founders Eric Lefkofsky and Brad Keywell. According to a Forbes story source, the most recent fundraising puts the valuation of Tempus at just about $700 million.
Founded in 2015, Tempus collects and analyzes large amounts of data allowing doctors to cultivate an improved care plan and remedy for their patients.
NEA Managing General Partner Peter Barris commented in a statement the company is excited about the investment and the ability to assist doctors customize care through the work done by Tempus.
Revolution Growth has funded companies such as salad chain Sweetgreen, Insikt, Zipcar and others while NEA has funded companies that include Robinhood, The Learning Company, 23andMe, among others.
Both Lefkofsky and Keywell have individually provided capital for all the company’s fundraising stages. What’s more, both Lefkofsky and Keywell have worked together on several companies such as their own venture capital fund Lightbank, Mediaocean and Echo Global Logistics.
According to Lefkofsky, in the past datasets were small and undisciplined but by making the most of technology, it is now possible to gather together substantial sums of molecular and clinical data and utilize that information to do good for patients.
Some of Tempus’ collaborations include the Mayo Clinic, Duke University, the Cleveland Clinic, Northwestern’s Lurie Cancer Center, the University of Chicago Medicine as well as community hospitals nationwide.
Lefkofsky, who has donated millions of dollars toward cancer research through the Lefkofsky Family Foundation which he operates with his wife, made contributions to Stanford University to support immunotherapy, to the Robert H. Lurie Comprehensive Cancer Center of Northwestern University and more.
Lefkofsky, who is an adjunct professor at the University of Chicago and author of Accelerated Disruption, operates as a Trustee of Lurie Children’s Hospital of Chicago, The Art Institute of Chicago, The Museum of Science and Industry and World Business Chicago.