Tempus soars 15% on the first day of trading, demonstrating investor appetite for a health tech with a promise of AI
What is the primary business of Tempus, and how does it integrate technology in its operations?
Tempus is a technology company that focuses on advancing precision medicine through the practical application of artificial intelligence in healthcare4. The company has built the world's largest library of clinical and molecular data and an operating system to make that information accessible and useful for patients, physicians, and researchers. Tempus integrates technology in its operations by utilizing genomic sequencing data and applying its computational algorithm to provide rapid, comprehensive matches to applicable trials that can be brought to the patient. The company also leverages AI, machine learning, and cloud technology to analyze and gather clinical and molecular data, enabling physicians to make real-time, data-driven decisions to deliver personalized patient care.
Who are the major shareholders of Tempus, and what percentages of the company do they hold?
The major shareholders of Tempus include its founder, Eric Lefkofsky, who holds 30.1% of the company and 65% of shareholder voting power due to the dual-class share structure. Another significant shareholder is Kimberley Keywell, the former wife of Brad Keywell, who owns a 10.2% stake in Tempus. Scottish asset manager Baillie Gifford holds 5.9% of the company, worth $350 million at the IPO price. Early shareholders in Tempus include NEA, Revolution, and T. Rowe Price. Additionally, SoftBank invested $200 million in the company as part of its Series G5 funding round in April.
What was the last official private valuation of Tempus before it went public, and how does it compare to its valuation at the time of the IPO?
The last official private valuation of Tempus before it went public was $8.1 billion. At the time of the IPO, the company was valued at over $6 billion. This means that the IPO valuation was lower than the previous private valuation.