ByteDance Spins Off AI Drug Discovery Unit Anew Labs, Secures $290M at $1.5B Valuation
ByteDance has completed a $290 million fundraising round for Anew Labs, its newly independent AI drug discovery unit, achieving a $1.5 billion valuation. The ByteDance spin-off attracted leading investors including HSG, IDG Capital, and Hillhouse Investment, while ByteDance retains 56% ownership of the Shanghai-based company.