Tempus AI, which provides data and analytics tools for precision medicine, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $600 million.
Tempus is focused on unlocking the power of precision medicine through the practical application of artificial intelligence in healthcare, resulting in the creation of its Tempus Platform. The platform includes proprietary software and dedicated data pipelines that create a network of healthcare institutions through approximately 450 unique data connections across more than 2,000 healthcare institutions. This proprietary technology has allowed Tempus to amass what it considers to be one of the largest libraries of clinical and molecular oncology data in the world.
The Chicago, IL-based company was founded in 2015 and booked $562 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol TEM. Tempus AI filed confidentially on September 1, 2021. The company was previously known as Tempus Labs until it rebranded as Tempus AI in December 2023. Morgan Stanley, J.P. Morgan, Allen & Company, BofA Securities, TD Cowen, Stifel, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
