Tempus AI Inc., a health care technology company that leverages artificial intelligence to analyze medical data, announced its has raised $410.7 million in an initial public offering.
The Chicago company said it sold more than 11 million shares at $37 (before deducting underwriting discounts and commissions), giving it a market value of more than $6 billion.
Its shares started trading on the Nasdaq stock exchange on Friday under the symbol “TEM.”
Tempus said in its IPO filing with the Securities an Exchange Commission that its goal “is to make vast amounts of health care information accessible and useful, allowing data to be organized and analyzed for the benefit of patients, physicians and researchers. We envision a world where currently siloed, inaccessible datasets are instantly available through a single, purpose-built platform to bring generative AI to health care.”
The 2023 Chicago Inno Fire Awards winner was founded in 2015 by Chicago entrepreneur and billionaire Eric Lefkofsky, who also co-founded and was CEO of Chicago e-commerce marketplace Groupon Inc. (Nasdaq: GRPN). He's also the managing partner and co-founder of Lightbank LLC, a private venture capital firm specializing in investments in technology companies that has previously invested in Tempus. In addition, Lefkofsky is also a co-founder and serves as executive chairman of the board of Pathos AI Inc., an AI-enabled drug development company that has entered an agreement with Tempus.
Lefkofsky will hold about 65.3% of the voting power of Tempus’ outstanding shares after the IPO.
In addition to its Chicago headquarters, Tempus has laboratories in Atlanta and Raleigh, North Carolina.
The company said in its IPO filing that it has approximately 2,300 employees, roughly one-third being technical-related. Tempus said it generated more than $530 million in revenue last year and reported a loss of more than $214 million.
