ByteDance Secures $290M for Anew Labs, Boosting AI Drug Development

ByteDance has closed a $290 million funding round for its AI drug discovery arm, Anew Labs, securing a valuation of $1.5 billion. The company will retain a 56% stake, and leading investors include HSG and IDG Capital. The spin-off aims to enhance long-term growth in AI-driven drug discovery, distinct from ByteDance’s traditional ventures. Anew Labs operates in Shanghai, Singapore, and San Jose, and has already developed potential drug candidates.