Chicago-based data analytics startup Tempus has raised funds amounting to $110 million in its Series E funding round. The funding round was led by a new backer Baillie Gifford, a U.K. investment management firm.
The other investors who participated in the round included existing investors T. Rowe Price, Revolution Growth and New Enterprise Associates.
With the funds raised through this round, the company plans to grow operations outside of the U.S. and also expand into new therapeutic areas other than cancer.
This particular round has valued the company to over $2 billion. Following this round, the total funds raised by the company as of now has reached $320 million since its launch.
Founded in 2015 by serial entrepreneur Eric Lefkofsky, Tempus is a data analytics company that focuses on improving cancer treatment using software and data-driven insights.
“Our mission is to help usher in precision medicine in the United States and abroad,” said CEO and founder Eric Lefkofsky. “We couldn’t be more thrilled with our progress to date, and we’re honored to be surrounded by world-class investors, collaborators, partners and an incredibly talented team here at Tempus.”
The company utilizes machine learning and genomic sequencing to better understand a patient’s tumor, and it tailors treatment plans best suited to fight it. The company is also setting up a molecular clinical library of patient information and an operating system to make the information useful for physicians.
It collaborates with ventures such as the Mayo Clinic, Northwestern University, the University of Chicago, and the University of Michigan to sequence cancer patients’ genes. Talking about the overall number, the startup works with around 250 hospital systems.