:Shares of SoftBank Group-backed Tempus AI rose 8.1 per cent in their debut on the Nasdaq on Friday, giving the artificial intelligence-based genetic testing company a valuation of $6.6 billion.
The company is among the several AI-focused firms that have garnered investors' interest, thanks to the popularity of OpenAI's viral chatbot ChatGPT.The strong debut bodes well for other companies looking to go public, as the U.S. capital market rebounds in 2024 after a dry spell that lasted nearly two years.
Tempus AI was founded in 2015, about a year after CEO Eric Lefkofsky found out that his wife had been diagnosed with breast cancer. The company boasts of several big investors including Alphabet's Google, investment managers Franklin Templeton and T Rowe Price, according to PitchBook. Separately, Guardant had sued Tempus AI on Wednesday for allegedly infringing five patents related to DNA-based cancer testing.
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