Tempus AI Rises After $410.7 Million IPO
Tempus AI Inc., a technology platform company using artificial intelligence to process medical data, jumped as much as 18% in its trading debut after raising $410.7 million in an initial public offering priced at the top of a marketed range.
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@TempusAI a technology platform company using artificial intelligence to process medical data, jumped as much as 18% in its trading debut after raising $410.7 million in an initial public offering.#ai #startup #data https://t.co/8FafHrAw4J
— The_Journalbiz (@the_journalbiz) June 14, 2024
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The company’s platform connects laboratory results to a patient’s clinical data.
The company’s shares, which opened trading Friday at $40, were up 16% to $42.88 at 12:12 p.m. in New York, giving Tempus AI a market value of $7.1 billion. The company sold 11.1 million shares for $37 each after offering them for $35 to $37 on Thursday.
Chicago-based Tempus AI, founded in 2015, describes its business as creating “intelligent diagnostics” for precision medicine.
The company’s platform connects laboratory results to a patient’s clinical data and has been used by more than 7,000 physicians across hundreds of provider networks, according to its filings. It has a team of about 2,300 employees, with about 250 of them holding medical degrees or doctorates.
Tempus AI had a net loss of $214 million on revenue of $532 million in 2023, compared with a net loss of $290 million on revenue of $321 million a year earlier, according to the filing.
