The latest valuation for big data startup Tempus places the company's value at $2 billion. Company CEO Eric Lefkofsky announced recently that investors have given more than $110 million in the latest round of fundraising to fund company operations.
Tempus provides value to physicians fighting cancer by gathering data that is then both organized and analyzed before being disseminated to doctors in a useable form. The company plans to use the major portion of the new money generated to treat illnesses other than cancer and to expand its business outside of the United States.
Lefkofsky explains that many of the hospitals and health organizations that partner with his company have asked repeatedly in the past about the company's plans to expand into other geographical locations. He explains that he and the company could only shrug or shake their heads at the question before. Now, Lefkofsky says, plans for expansion are a clear goal for the company that will take place in the not too distant future.
The company Lefkofsky co-founded developed a platform that it uses to collect data from sources like patient medical charts. This data is then analyzed and restructured in a way that allows physicians the benefit of using past patient data to alert them to the best treatment alternatives for current patients.
Lefkofsky says that the company is now working on plans to apply this technology to other chronic illnesses that include diabetes, cardiovascular disease, and neurological disorders. The company also plans to expand its area of operation into the continents of Asia, Australia, and Europe.
The company presently offers services to more than 50 National Cancer Centers and hundreds of hospitals in America. Lefkofsky reports that technology from his company is used for the benefit of one in four individuals in America afflicted with cancer.
The plans for expanding into other countries is in its early stages, Lefkofksy explains. There is no timetable established and it is not yet known which location will be chosen first for expansion. Lefkofsky also explains that the company is looking to increase its influence in the cancer treatment industry.
The company became officially recognized as a 'unicorn' in March following a fundraising round that netted $80 million in funds. A unicorn is a term that refers to privately held companies that are valued at $1 billion or more. Fundraising efforts by the company have raised $320 million to date.
The company is now three years old and employs 500 people. The furious growth has also included the opening of an office in New York City, as well as, planned offices in Los Angeles, San Francisco, and Boston.
Lefkofksky explains that talented people that live in various parts of the country work for the company. He says that it cannot be expected that they would all move to Chicago to work.
About Eric Lefkofsky
Eric Lefkofsky is a serial entrepreneur with a number of successful business start-ups on his resume. He is the current chief executive officer and co-founder of Tempus. The company uses big data to provide support to physicians treating individuals fighting cancer.
Philanthropy is also a mainstay in the life of Lefkofsky. He, along with wife Liz, founded the Lefkofsky Family Foundation to provide support to the many non-profit efforts in the Chicago area that make life better for its citizens.