ByteDance has completed a $290 million financing for its newly spun-off AI drug-discovery unit, Anew Labs, sources said on Wednesday. Shanghai-based Anew Labs was valued at $1.5 billion post-money. Sequoia China, IDG Capital and Hillhouse led the round, co-led by Wuyuan Capital; other investors include Gaorong Capital, Chunhua Capital, Boyu Capital, strategic investor SBP Group and the state-backed Shanghai Future Industry Fund. Sources said ByteDance spun off the unit to better support its long

ByteDance has completed a $290 million financing for its newly spun-off AI drug-discovery unit, Anew Labs, sources said on Wednesday. Shanghai-based Anew Labs was valued at $1.5 billion post-money. Sequoia China, IDG Capital and Hillhouse led the round, co-led by Wuyuan Capital; other investors include Gaorong Capital, Chunhua Capital, Boyu Capital, strategic investor SBP Group and the state-backed Shanghai Future Industry Fund. Sources said ByteDance spun off the unit to better support its long-term development given the different industry logic and management model for AI drug discovery and will hold a 56% stake after the financing.