Tempus has joined an elite group of private startup companies, as it is now officially a unicorn. Eric Lefkofsky, cofounder and Chief Executive Officer of Tempus shared information on the string of investments received by the company since 2015. During the Series A and B Rounds, Tempus received $ 30 million in investments. In April 2017 the data company received an additional $ 30 million in investments. During Series Round C, considered the late stage venture round, Tempus secured $ 70 million. Large investments are made to startups that have proven the ability to withstand hardships and in the long run turn a profit. Tempus received $ 70 million during Round C, and in March 2018 Tempus received an additional $ 80 million. It is estimated the healthcare data analytical company is now worth $ 1.1 billion. Kinship Trust, T. Rowe Price Associates, New Enterprise Associates and Revolution Growth are among the investors responsible for the bulk of the funding acquired. Eric Lefkoksky said the funding received from investments is used primarily to hire new employees, and they add on average about 30 new positions each month.
Tempus is a healthcare information technology company that uses data analysis to fight cancer. Eric Lefkofsky said Tempus’s approach is cutting edge, because for the first time we have access to large organized sets of data. By applying machine learning algorithms to historical healthcare data, healthcare professionals are able to identify effective treatments and apply them based on the real time molecular data from cancer tumors.
Eric Lefkofsky is also cofounder of Groupon, Mediaocean, Innerworking, Echo Global Logistics and UpTake Technologies. UpTake is a data analytical company that use predictive artificial intelligence to help investors make sound financial plan based on historical economic data. A graduate of the University of Michigan, Mr. Lefkofsky is also on the Board of Trustees of the Chicago Steppenwolf Theater Company, and a Trustee of Lurie’s Children’s Hospital in Chicago.
When you take a deep into the current healthcare climate in the U.S, things are looking pretty scary. The U.S. government is using a lot of money to fund healthcare. In the last few years, the U.S government has introduced a lot of interventions that include the ObamaCare to reduce the cost healthcare to the typical U.S citizen. Healthcare costs have hit the ceiling and while health is at an all-time-low. It continues to decline with each passing day.
A recent study that compared health care costs in 1996 and 2013 indicate that American spent extra $933 billion in 2013 compared to what the government spent in 1996. The increased cost of healthcare can be attributed to patients going to extensive and expensive care.
Other factors that are pushing healthcare costs to the ceiling are population growth and aging. According to a new analysis published in JAMA, the U.S. population has increased drastically over the years thereby forcing the government to spend more on healthcare. A significant portion of the population comprises of the elderly individuals who require extensive medical attention.
Increased chronic health conditions
The reality is that a substantial number of Americans are suffering from chronic conditions such as cancer, diabetes, blood pressure, amongst others. Most of these conditions eat too much into the government and family expenditure. It is unfortunate that it isn’t easy to stop some of these conditions. Health costs begin to balloon due to the increased demand for drugs and facilities to diagnose and treat these ailments.
For instance, the study indicates that the cost to treat diabetes was the highest during the study period. Americans spent a whopping $64 billion to treat diabetes in 2013. A significant portion of the expenditure went to pharmaceuticals.
The study revealed that low back and neck pain were the second most significant contributors to the increasing healthcare costs in America. However, for these two, the factors were different. Much of the cost was due to the increased care needed for these ailments.
About Eric Lefkofsky,
Erick Lefkofsky is an accomplished America businessman. He has co-founded several successful ventures that include Tempus where he serves as the CEO and Groupon where he serves as the chairman. He also co-founded Echo Global Logistics, Mediaocean, InnerWorkings, Lightbank, and Uptake.