Tempus, Groupon Co-Founder's Medical Technically Startup, Is Exploring an IPO

Tempus, Groupon Co-Founder's Medical Startup, Is Exploring an IPO

Gillian Tan

03 Nov 2021, 02:47 PM IST

(Bloomberg) -- Tempus Labs Inc., a precision medicine startup led by a Groupon Inc. co-founder, is exploring a U.S. initial public offering, according to people with knowledge of the matter.

The Chicago-based company is considering a stock-market debut as soon as the first half of 2022, the people said, asking not to be identified discussing information that isn’t public. Plans could change and timing could shift, one of the people said.

Tempus spokeswoman Erin Carron declined to comment.

The company said in December 2020 that it was valued at $8.1 billion after raising $200 million in equity financing and $250 million in convertible debt. Investors included Baillie Gifford, Google, Franklin Templeton, Novo Holdings and funds managed by T. Rowe Price Group Inc., Tempus said at the time. Earlier investors include Steve Case’s Revolution Growth and NEA.

Founded in 2015, Tempus says it’s built the world’s largest library of clinical and molecular data, which is used to inform patient care. The company is working with Cedars-Sinai Cancer on an initiative to develop personalized treatment using virtual replicas of patients’ DNA, RNA and protein. Separately, Tempus has announced adding a collection of predictive algorithm laboratory-developed tests.

“We are very much aware of our responsibility and the power of this moment in time, one in which we now possess the technological capability to use artificial intelligence to eradicate disease and help people live longer and healthier lives,” Tempus Chief Executive Officer Eric Lefkofsky said in the December statement. Lefkofsky, a billionaire, co-founded Groupon, advertising-services company Mediaocean and venture-capital firm Lightbank.

In February, Tempus added Nobel laureate Jennifer Doudna to its board and, in July, the company announced it had bulked up its leadership team, including the promotion of Jim Rogers to the role of chief financial officer.

Tempus competes in part with PathAI, a startup seeking to advance pathology with artificial intelligence that counts D1 Capital Partners, General Atlantic and Tiger Global Management among its backers.