Groupon CEO Raises $70M for Healthcare Startup In Series C Funding
Chicago billionaire Eric Lefkofsky, also the cofounder of the daily deals site, Groupon, has now raised $70 million in series C funding round from investors Revolution Growth and New Enterprise Associates for his new cancer data startup.
Chicago-based Tempus has its sights set on personalized and data-driven approach to cancer treatment. Founded in 2015, Tempus uses genomic sequencing, molecular science and Big Data analytics to help doctors pinpoint the treatment options their patients are most likely to respond to. Those predictions are based on analysis of the individual patient’s tumor, as well as treatment results from patients with similar genetic profiles.
The company has also partnered with a number of institutions recently, including the Cleveland Clinic, the University of California Davis Comprehensive Cancer Center, University of Chicago Medicine, and the University of Michigan.
By partnering with many of the country’s most prestigious research hospitals, Tempus wants to build of the world’s most comprehensive database of molecular and clinical data.
The round was co-led by New Enterprise Associates and Revolution Growth, and brings the total amount of money Tempus has raised to $130 million since its founding two years ago.
“In oncology, and across healthcare more broadly, datasets have historically been small and disorganized,
” said Lefkofsky in a statement. “Thankfully, technology has opened the door to new possibilities and for the first time in history, it is possible to amass massive amounts of molecular and clinical data and put it to work for the benefit of patients.”“There is a large and growing number of doctors who are using our system today, using our labs and data that we provide,” Lefkofksy said. “I knew if we had the data, we’d be able to build elegant software to make their jobs easier. That’s happening. We’ve just got to get as many hospitals as we can and as many practitioners connected to Tempus so they’re using our tech, contributing data, and the whole ecosystem gets stronger.”
After two years in business, he said: “We’re ahead or on target with where we hoped to be. As we approach about 200 people, we’re getting to scale. It’s now about: How do you weave together this ecosystem so when you bring Big Data to cancer care, you can allow physicians to make real-time decisions based on data and allow researchers to improve the research they do based on data?”
Lefkofsky mostly self-funded Tempus until now. The new investors are familiar faces. NEA has backed most of Lefkofsky and Keywell’s previous companies, including Groupon, Echo Global Logistics and InnerWorkings. Revolution is run by AOL founder Steve Case and Ted Leonsis, an AOL veteran and early Groupon investor who remains on its board. Revolution also has invested in Uptake.
“Given NEA’s long and successful history investing in the intersection of technology and life science, we felt like the perfect strategic partner given Tempus’ mission to help doctors personalize care by collecting and analyzing large volumes of data,” Peter Barris of NEA said in a statement.
