Lefkofsky, who holds 30.1% of the company and 65% of shareholder voting power, founded Tempus in 2015 to leverage technology and data from genomic sequencing. The company is now positioning itself as an AI company, despite AI revenue accounting for only 1% of its 2023 revenue. Other significant shareholders include Kimberley Keywell and Scottish asset manager Baillie Gifford. This is the fourth company Lefkofsky has taken public, following Groupon, which now trades at under $600 million from a valuation of nearly $13 billion in 2011.
Key takeaways:
- Tempus, a genomic testing and data analysis company founded by Eric Lefkosky, debuted on Nasdaq, raising nearly $411 million at a fully-diluted valuation of over $6 billion.
- The company's last official private valuation was $8.1 billion and it was estimated to be valued at $10.25 billion in late 2022. Despite the discount from its previous valuation, the IPO is considered a success for an unprofitable company.
- Tempus is trying to position itself as an AI company, with plans to embed AI in every aspect of its diagnostics tools, despite AI revenue only accounting for 1% of its 2023 revenue.
- Eric Lefkofsky is the largest shareholder in the company, holding 30.1% of the company and 65% of shareholder voting power. Other significant shareholders include the firm controlled by Kimberley Keywell and Scottish asset manager Baillie Gifford.