Startup News: Three cutting-edge companies file for IPO
Three high-profile startups have filed paperwork in recent weeks for initial public offerings.
On May 20, Tempus AI, which has built a platform for connecting laboratory results to a patient’s clinical data, filed to go public.
Three days earlier, Rapport Therapeutics, which develops medicines for patients suffering from central nervous system disorders, made a similar filing with the Securities and Exchange Commission, according to Reuters. A day before Rapport’s May 17 filing, OneStream, a developer of corporate performance management software, confidentially filed paperwork to go public based on well-placed sources, according to Bloomberg.
Founded in 2015, Chicago-based Tempus AI has derived insights from a library of clinical data and molecular data to support diagnostics in cardiology, neuropsychiatry, radiology, and infectious diseases on an individualized basis. The company’s platform, writes Bloomberg, has been used by more than 7,000 doctors. The private company has also established partnerships with leading healthcare institutions such as Pfizer and Bristol Myers Squibb among others according to its website.
Tempus’ Forge Price™ is $57.32 as of May 29, 2024, which implies a valuation of $8.7 billion. Its largest investors include Tempus founder and CEO Eric Lefkofsky, investment firm Baillie Gifford, Franklin Templeton Investments, T. Rowe Price, and Alphabet’s Google.
Rapport is a biopharma company that is on the cutting edge of treatments for various neurological disorders. According to Reuters, the company plans to use a portion of proceeds from an IPO to advance the clinical development of its lead product, RAP-219, for the treatment of focal epilepsy, which is characterized by seizures arising from a specific part of the brain.
Founded in 2022, the Boston-based company, which is backed by investors including the venture capital arm of Johnson & Johnson and Third Rock Ventures, was last valued at $409 million, based on the company’s Forge Price™ at $1.68 as of May 29, 2024.
Finally, OneStream, which has the investment backing of private equity firm KKR & Co., Partners Fund Capital, and Alkeon Capital Management, among others, is seeking to be valued at up to $6 billion in an IPO, said sources who talked with Bloomberg.
Founded in 2010, the Birmingham, Michigan-based company has developed a corporate management platform that financial officers use for budgeting, forecasting, and other functions.
The company, writes Bloomberg, stated that its annual recurring revenue exceeds $450 million, a number that increased 34% year-over-year as of March 31.
Want to know other companies that potentially could go public this year? View Forge Global’s Tech IPO Calendar.
