winhorse/iStock Unreleased via Getty Images SoftBank Group ( OTCPK:SFTBY ) has launched a healthcare-focused joint venture with Tempus AI ( NASDAQ: TEM ) to provide precision medicine services in Japan utilizing artificial intelligence. The agreement was signed in May 2024, and is expected to close as soon as July, at which time each party will invest ¥15 billion in the venture, SoftBank ( OTCPK:SFTBY ) said in a release on Thursday. The newly formed venture 'SB Tempus Corp' would apply the expertise and technology that Tempus ( TEM ) has accumulated in the United States, including genetic testing, medical data collection and analysis, AI-driven treatment proposals, and would collaborate with cancer genomic medicine hospitals, along building a network between hospitals.
The announcement comes as recently-IPO'ed health tech firm Tempus AI ( TEM ) on Wednesday announced that the U.S. FDA cleared its Tempus ECG-AF device designed to leverage artificial intelligence to help detect patients at risk of developing a heart condition known as atrial fibrillation/flutter.
The decision also marks the first regulatory win for Tempus AI ( TEM ), after the company, backed by Japanese tech investment firm SoftBank ( OTCPK:SFTBF ) ( OTCPK:SFTBY ) ( OTCPK:SOBKY ), made its public debut early this month. More on SoftBank Group, Tempus AI Tempus AI: Healthcare AI Play Faces Some Challenges From The Start Spotlight On Apple's AI Strategy, The Fed Meeting, And Latest CPI Print Tempus AI's High S.
