SoftBank and Tempus AI Launch AI-Driven Healthcare Joint Venture
SoftBank Group, a Japanese technology investment firm, has announced a strategic joint venture with Tempus AI, a company specializing in AI-driven medical data analysis and treatment recommendations. The partnership was revealed by SoftBank’s CEO, Masayoshi Son, during a briefing in Tokyo, marking another significant move in SoftBank’s recent series of AI investments.
Background on Tempus AI
Tempus AI is renowned for its genomic testing services and AI-powered treatment and clinical trial recommendations in the United States, leveraging a comprehensive database of millions of patient clinical records. In June, Tempus went public on the Nasdaq stock exchange, with its stock surging as much as 15% during its first day of trading and closing nearly 9% higher. The company’s market capitalization reached $6 billion.
Google’s Support for Tempus AI
Tempus AI has also received significant support from Google, an Alphabet company, which has been a major player in deploying AI over time. Google’s financial involvement with Tempus AI began in June 2020, when the company issued a $330 million convertible promissory note to Google as part of a cloud services agreement. Later that year, Tempus provided Google with $80 million of preferred stock to partially satisfy the original note.
Joint Venture Details
The partnership between SoftBank and Tempus AI is expected to close in July, subject to usual closing conditions, and will involve an investment of 15 billion yen (approximately $93 million) from each party. The joint venture aims to enable advanced services to be deployed in Japan, making it one of the first non-US healthcare markets with this type of connected health capabilities.
Conclusion
The partnership between SoftBank and Tempus AI marks a significant step in the development of AI-powered healthcare services in Japan. With its strong track record of success and significant investment in the field, Tempus AI is well-positioned to make a meaningful impact in the Japanese healthcare market.
FAQs
Q: What is the purpose of the joint venture between SoftBank and Tempus AI?
A: The joint venture aims to enable advanced AI-powered healthcare services to be deployed in Japan, making it one of the first non-US healthcare markets with this type of connected health capabilities.
Q: What is Tempus AI’s specialty?
A: Tempus AI specializes in AI-driven medical data analysis and treatment recommendations.
Q: How much did SoftBank invest in Tempus AI’s recent funding round?
A: SoftBank invested approximately $200 million in Tempus AI during its recent Series G funding round.
Q: What is the market capitalization of Tempus AI?
A: Tempus AI’s market capitalization reached $6 billion after its IPO on the Nasdaq stock exchange.
