![](https://hitconsultant.net/wp-content/uploads/2024/05/Tempus-AI.jpg)
What you should know:
– Tempus AIa leader in Powered by artificial intelligence (AI) precision medicine, filed Monday with the Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering (IPO). Industry analysts, however, believe this figure could be tentative, with the actual target amount being closer to $600 million.
– Founded in 2015 and headquartered in Chicago, Illinois, Tempus AI reported revenue of $562 million for the fiscal year ended March 31, 2024.
Unlocking the power of precision medicine
The company plans to list on Nasdaq under the symbol TEM. Notably, Tempus AI initially filed for a confidential IPO on September 1, 2021. They were also renamed Tempus Labs to Tempus AI in December 2023. Tempus AI is focused on harnessing the potential of AI to revolutionize Healthcare. Through its proprietary Tempus platform, the company combines cutting-edge software with dedicated data pipelines. This network connects more than 2,000 healthcare facilities through approximately 450 unique data connections. This innovative technology has allowed Tempus to create what they claim to be one of the largest libraries of clinical and molecular oncology data in the world.
Financial support and next steps
The IPO will be led by a team of joint bookrunners, including prominent investment banks such as Morgan Stanley, JP Morgan, Allen & Company, BofA Securities, TD Cowen, Stifel and William Blair. Although specific pricing details have not yet been disclosed, the industry is expecting a significant supply.
This IPO filing demonstrates Tempus AI's intention to raise public capital to further its mission of advancing precision medicine through its AI-powered platform. With its impressive revenue growth and vast data library, Tempus AI appears poised to make a splash in the public market.