Japanese multinational holding company SoftBank Group has launched a joint venture with Tempus AI that aims to provide precision medicine services and further advance AI-powered healthcare in Japan.
The move marks the latest in a flurry of AI investments that SoftBank has recently announced, as the company looks to boost its AI portfolio.
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US-based Tempus has been applying AI to advance precision medicine since it was founded in 2015. The company is currently connected to around half of all oncologists in the US and hosts one of the largest libraries of de-identified molecular, clinical and imaging data.
Tempus’ AI-enabled platform works to make diagnostics more accurate in order to support healthcare providers in making more informed decisions and pharmaceutical companies in creating better treatments.
The joint venture announcement follows an investment in Tempus AI of $200m from SoftBank in June.
The two companies have formed SB TEMPUS, which plans to offer precision medicine services in Japan, including genetic testing, medical data collection and analysis. As well as AI-driven treatment proposals.
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By GlobalDataIn a company statement, SoftBank said it would leverage the expertise and technology Tempus has developed through its operations in the US.
The two companies will each put $93m into the venture, which is expected to close in July, SoftBank said in a statement.
“We are very pleased to establish a joint venture in Japan with Tempus to contribute to the advancement of healthcare,” Masayoshi Son, Chairman and CEO of SoftBank said.
“By promoting the advancing personalised medicine using AI, I strongly hope to reduce people’s sorrow and increase the happiness of as many people as possible,” he added.
A killer app for GenAI will be released in 2024 and it will likely appear in the medical field, according to GlobalData’s report, 2024 Enterprise Predictions: Cloud Reset.
Venture capitalists and companies are now looking to invest heavily in the application layer of GenAI development, the research company said, meaning a killer app is likely to come this year.
According to the report, the application will support an uncomplicated user experience for providing aging populations and their caregivers with significantly improved access to medical professionals, services, and benefits.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.
