SoftBank Group Partners with Tempus AI for AI-Driven Medical Data Analysis
Joint Venture to Deploy Advanced Services in Japan
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. This 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.
Tempus AI’s Background
Earlier this year, SoftBank invested approximately $200 million in Tempus during its Series G funding round, preceding Tempus’s Nasdaq listing in June. Tempus 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.
Partnership Details
The partnership is anticipated to close in July, subject to usual closing conditions, and will involve an investment of 15 billion yen (close to $93 million) from each party. The partnership 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.
Google’s Support for Tempus AI
Tempus AI has also recently caught the eye of Google, an Alphabet company that is still on a spending spree to acquire and develop artificial intelligence technologies. Google’s support is crucial for Tempus, as the search giant has been a major player in deploying AI over time. This includes standout systems like AlphaGo and foundational innovations such as the transformer architecture used in ChatGPT.
Tempus AI’s Technology
Tempus uses AI technology to develop what it describes as "intelligent diagnostics," which are diagnostic tests tailored specifically to the patients they apply to. The initiative is designed to improve the efficacy of existing treatments and speed up the development of new therapies.
Market Performance
On June 14, 2024, Tempus conducted its IPO on the Nasdaq stock exchange. The company’s stock fared well, surging as much as 15% during its first day of trading and closing nearly 9% higher. The market capitalization of Tempus AI reached $6 billion.
Conclusion
The partnership between SoftBank and Tempus AI, coupled with Tempus’s market lead and its continuous strategic partnerships with numerous tech giants, establishes it as a significant participant among companies addressing new AI-powered healthcare services.
Frequently Asked Questions
Q: What is the purpose of the partnership between SoftBank and Tempus AI?
A: The partnership 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.
Q: What is Tempus AI’s technology focused on?
A: Tempus AI uses AI technology to develop intelligent diagnostics, which are diagnostic tests tailored specifically to the patients they apply to.
Q: Who has invested in Tempus AI?
A: SoftBank has invested approximately $200 million in Tempus during its Series G funding round, and Google has also provided financial support.
Q: What is the market capitalization of Tempus AI?
A: The market capitalization of Tempus AI reached $6 billion after its IPO on the Nasdaq stock exchange.
