SoftBank Group launches AI healthcare joint venture with Tempus AI (updated)

Tempus Holdings

27/06/2024 09:14

(Adds detail on venture and Tempus share price in paragraphs
4-6)
       TOKYO, June 27 (Reuters) - Japanese technology investor
SoftBank Group  9984.T  has launched a joint venture with Tempus
AI  TEM.O  that aims to analyse personal medical data with
artificial intelligence (AI) to come up with treatment
recommendations, chief executive officer Masayoshi Son told a
briefing in Tokyo.
    This is the latest in a string of AI investments SoftBank
has recently announced as it increases the pace of its
investment activity after a muted few years.
    SoftBank invested around $200 million in Tempus in its
series G funding round in April before Tempus listed on the
Nasdaq in June.
    The two firms hope to bring AI-informed treatment
recommendations and clinical trial recommendations to the
Japanese market, which would become the only healthcare market
outside the U.S. where such services would be available, Son
told the briefing.
    The parties are expected to each put 15 billion yen ($93
million) into the venture, which is expected to close in July,
subject to closing conditions, SoftBank said in a release.
    Tempus' share price had fallen to around $27.50 on June 26
as compared to its initial public offering price of $37 on June
14.
($1 = 160.5400 yen)

 (Reporting by Anton Bridge; Editing by Christopher Cushing and
Miral Fahmy)
 ((Anton.Bridge@thomsonreuters.com;))