SoftBankGroup and Tempus AI has partnered to form a new joint venture that aims to use artificial intelligence (AI) to analyze personal medical data and provide treatment recommendations. SoftBank Group CEO Masayoshi Son made the announcement at a press conference in Tokyo.
This is the latest move by SoftBank after announcing a series of AI investments, marking an acceleration of SoftBank's investment pace after several years of subdued investment activity. SoftBank invested about $200 million in Tempus' Series G round in April, followed by Tempus' listing on the Nasdaq in June.
Tempus provides genomic testing services in the U.S. and offers AI-based treatment and clinical trial recommendations based on a database of millions of patients' clinical records. The parties hope to introduce this service to Japan, making it the only healthcare market outside the U.S. where such services are available.
The parties are expected to inject 15 billion yen (about $93 million) each into this joint venture. The joint venture is expected to close in July, subject to settlement conditions.Tempus' shares fell to around $27.50 on June 26, compared with $37 in its June 14 initial public offering.