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HIT ConsultantTempus AI Files for IPO, Eyes Over $600M in Funding for AI-Powered Precision Medicine

Tempus AI, aiming to advance precision medicine with its extensive AI-driven data platform, files for an IPO, seeking significant funding to support its mission and growth, with potential broader implications for clinical oncology and healthcare data integration.

Tempus AI, a prominent entity in AI-powered precision medicine, has officially filed for an initial public offering (IPO) with the Securities and Exchange Commission (SEC), targeting to raise up to $100 million. Industry experts anticipate the actual funding goal to be closer to $600 million. Established in 2015 and based in Chicago, the company has seen substantial growth, reporting $562 million in revenue for the fiscal year ending March 31, 2024. Tempus AI plans to list on Nasdaq under the symbol TEM, with the IPO poised to propel its efforts in integrating AI with healthcare data to enhance precision medicine.

Key Points:

  • Tempus AI initially filed confidentially for the IPO on September 1, 2021.
  • The company rebranded from Tempus Labs to Tempus AI in December 2023.
  • Tempus AI leverages its proprietary Tempus Platform, combining advanced software with extensive data pipelines.
  • The Tempus Platform connects more than 2,000 healthcare institutions through approximately 450 unique data connections.
  • Tempus claims to have built one of the world’s largest libraries of clinical and molecular oncology data.
  • The IPO will be managed by a team of joint bookrunners, including Morgan Stanley, J.P. Morgan, Allen & Company, BofA Securities, TD Cowen, Stifel, and William Blair.
  • Pricing details for the IPO have yet to be disclosed, but a significant offering is anticipated.
  • The funds raised will support Tempus AI’s mission to advance precision medicine through its AI-powered platform.
  • Tempus AI’s extensive data library and substantial revenue growth position it favorably for success in the public market.

With access to over 50 petabytes of de-identified multimodal data, Tempus is developing AI models with the aim to identify patients who would benefit from additional testing and may qualify for targeted therapies, including those in clinical trials, earlier in their cancer care journey.

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