Chief Executive Officer Masayoshi Son of Japanese technology investor SoftBank Group revealed that the company has established a joint venture with Tempus AI with the aim of utilizing artificial intelligence (AI).
Chief executive officer Masayoshi Son of Japanese technology investor SoftBank Group (9984.T) announced at a briefing in Tokyo that the company has formed a joint venture with Tempus AI (TEM.O) with the goal of using artificial intelligence (AI) to analyze personal medical data and recommend treatments. SoftBank has lately announced a series of AI investments, the most recent of which comes as it picks up the pace of its investment activity following a quiet few years.
Approximately $200 million was contributed by SoftBank to Tempus at its Series G investment round in April, prior to Tempus’s June Nasdaq listing. Based on a database containing the clinical records of millions of patients, Tempus offers AI-informed treatment recommendations and clinical trial services in the United States in addition to doing genomic testing. According to Son, the corporations intend to introduce this service to Japan, which would make it the only non-US healthcare market where it is offered.
“Working with Tempus, we’ll develop services at pace in Japan,” Son stated. “With the database of 7.7 million U.S. patients, we’re at a running start.” According to a release from SoftBank, the venture is anticipated to close in July, subject to closing conditions, with the parties contributing a total of 15 billion yen ($93 million) apiece. On June 26, the price of Tempus’ shares dropped from $37 on June 14 at its initial public offering to about $27.50.
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