SoftBank Teams Up with Tempus AI for AI-Driven Healthcare Venture

June 28, 2024
 
Will Kramer
Group of healthcare professionals in scrubs and masks giving thumbs up, representing the collaboration between SoftBank and Tempus AI.

SoftBank Group has announced a strategic joint venture with Tempus AI, a leader in AI-driven medical data analysis and treatment recommendations. This partnership, revealed by SoftBank’s CEO Masayoshi Son in Tokyo, follows SoftBank’s $200 million investment in Tempus earlier this year. Tempus, renowned for its genomic testing services and AI-powered clinical trial recommendations in the U.S., will now bring its advanced healthcare solutions to Japan. This move signifies a major expansion of Tempus’s services, which are built on a comprehensive database of millions of patient clinical records.

The joint venture, expected to close in July, involves a 15 billion yen (approximately $93 million) investment from each party. This collaboration aims to integrate Tempus’s extensive U.S. patient database with Japan’s healthcare market, enhancing diagnostic and treatment capabilities. By leveraging Tempus’s AI technology, the venture seeks to improve the efficacy of existing treatments and accelerate the development of new therapies in Japan, making it one of the first non-U.S. markets to adopt such advanced healthcare solutions.

Tempus AI has also garnered significant support from Google, which has been instrumental in its development and financial backing. Google’s involvement began in June 2020 with a $330 million convertible promissory note, and continued with an $80 million preferred stock agreement later that year. Tempus’s IPO on the Nasdaq in June saw its market capitalization reach $6 billion, further solidifying its position in the AI healthcare sector.

The partnership between SoftBank and Tempus AI, combined with Tempus’s collaborations with major biopharma companies and academic medical centers, positions it as a key player in the future of AI-powered healthcare services. Tempus’s technology is already utilized by 95% of the world’s top 20 publicly traded biopharma companies and over half of U.S. academic medical centers, connecting with over 7,000 physicians. This extensive network and proven track record underscore the potential impact of the new venture in transforming healthcare delivery in Japan.

This article was sourced from Artificial Intelligence News, June 28, 2024, by Muhammad Zulhusni.

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