“Data is a precious thing and will last longer than the systems themselves,” according to Tim Berners-Lee, noted father of the World Wide Web. One man appearing to embrace that theory is billionaire and serial entrepreneur Eric Lefkowsky, co-founder and Chief Executive Officer of well-known and prosperous Chicago-based enterprises including Groupon in 2008 and Tempus, the technology firm he established in 2015.
Lefkowsky has reported that Tempus has received an additional $80 million in funding from a group that includes existing new investors. The money will help the company continue to bolster the availability of cancer care that is more efficient and personalized. Tempus also takes advantage of cumulative solutions, allowing one cancer patient to benefit from knowledge established working with a prior patient.
Like knowledge, the Tempus funding also seems to have a cumulative aspect. The company has received $210 million since 2015. The most recent round of financing reportedly helps to both enlarge the reach of the corporation and boost its value to around $1.1 billion, securing the company a “unicorn” designation. The so-called unicorns are privately-owned businesses that hit or exceed a $1 billion valuation.
The most recent $80 million financing for Tempus included additional monies from Revolution Growth and New Enterprise Associates, joined by new investors Kinship Trust Co. and funds advised by T. Rowe Price Associates.
Lefkofsky also has reported rapid growth of his employee base, adding 30 new staffers each month to the 400 workers already in place. Tempus employees are identifying trends in overall cancer treatment by utilizing existing clinical data. Newer clinical data also is recovered from patients who are receiving current cancer treatments. Lefkowsky has noted that the collection of some data can be as straightforward as making a doctor’s hand-written notes about a patient something that can be digitally searched and used as a reference that also helps increase the number of care alternatives for future patients.
According to Lefkofsky, Tempus has established alliances on all levels of organized health care, including pharmaceutical companies and physicians seeking to develop and execute strategies for the efficient and effective use of big data.
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