SoftBank Group founder Masayoshi Son announced on Thursday the establishment of a joint venture in Japan with Chicago-based health tech company Tempus. The collaboration, under the name SB Tempus, aims to develop AI-powered personalized medical services by analyzing data in Japan.
The initial focus of the new venture will be on oncology, as cancer remains a leading cause of death in Japan. Son’s personal connection to the disease, having lost his father to cancer last year, underscores the importance of this initiative.
This strategic move highlights Son’s broader interest in AI technology, with a specific emphasis on its applications within the medical industry.
Prior to the joint venture announcement, SoftBank had invested $200 million in Tempus, just before the company’s IPO on the Nasdaq. Although Tempus had a valuation of $8.1 billion in 2022, its market cap has decreased to $4.5 billion since going public.
Tempus, founded by Eric Lefkofsky in 2015, aims to revolutionize genomic testing and data analysis in the healthcare sector, competing with industry peers like Foundation Medicine and Guardant Health.
SB Tempus will serve as a platform for Tempus to introduce its data-driven medical technology to Japan, offering genomic testing, medical data analysis, and AI insights for personalized treatments.
Both SoftBank and Tempus have equally invested in the joint venture, with plans to kickstart operations in August and provide advanced medical services using AI technology.
The company will initially focus on collecting and analyzing patient genetic data from Japanese institutions to improve personalized treatments. Son emphasized the importance of expanding genomic testing in Japan to match the levels seen in the United States.
In addition to addressing cancer, SB Tempus intends to expand its services to other medical specialties in the future.
Son’s vision for AI extends beyond the healthcare sector, with plans to invest in other AI companies like Perplexity AI. SoftBank’s renewed focus on AI investments signals a shift towards a more aggressive investment strategy.
The announcement of the joint venture comes shortly after Son’s public appearance at SoftBank’s annual meeting, where he discussed the future of AI and its potential impact on various industries.
