SoftBank Bets Big On AI In Healthcare: Inks New Joint Venture with Tempus To Transform Cancer Treatment In Japan

SoftBank Group Corp SFTBF has announced a new joint venture, SB TEMPUS Corp., with Tempus AI Inc TEM, aiming to enhance precision medicine in Japan using artificial intelligence.

The agreement was signed in May 2024, and the venture is set to launch in July 2024, with each party investing JPY 15.0 billion.

This collaboration seeks to revolutionize healthcare in Japan by leveraging Tempus’ AI expertise and technology.

Founded in 2015, Tempus uses AI to improve healthcare. The company’s platform is connected to around 50% of U.S. oncologists and boasts one of the largest libraries of de-identified molecular, clinical, and imaging data.

This initiative aims to make diagnostics more intelligent, supporting healthcare providers and pharmaceutical companies in making better-informed decisions.

Also Read: SoftBank CEO Masayoshi Son Sees Shareholder Support Plunge For His Reappointment After Proxy Advisor’s Recommendation: Report

In Japan, current cancer treatments include standard therapies like surgery, radiation, and chemotherapy. The new venture will collect and analyze various data types to propose more personalized treatment plans, reducing side effects and improving medication effectiveness.

SB TEMPUS will offer genetic testing, medical data analysis, and AI-driven treatment proposals, partnering with Japanese medical facilities and companies.

“By promoting the advancing personalized medicine using AI, I strongly hope to reduce people’s sorrow and increase the happiness of as many people as possible,” said Softbank Chairman and CEO, Masayoshi Son.

SoftBank had previously invested $200 million in Tempus during its Series G funding round in April, ahead of Tempus’ listing on the Nasdaq in June. The deal is expected to close in July, pending final conditions, reported Reuters.

Tempus AI disclosed yesterday that it received 510(k) clearance from the FDA for its Tempus ECG-AF device that uses AI to help identify patients who may be at increased risk of atrial fibrillation/flutter (AF). 

Price Action: TEM, which closed higher by 10.4% at $27.56 on Wednesday, gained 1.92% at $28.09 premarket at last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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