ByteDance completes $290 million fundraising for spun-off AI drug discovery unit

ByteDance completed a $290 million external funding round for its AI drugmaking unit Anew Labs following the unit’s spin-off, valuing the company at $1.5 billion. The round was led by HSG (formerly Sequoia China), IDG Capital, and Hillhouse Investment. The separation allows the unit to pursue specialized long-term development distinct from ByteDance’s core consumer operations.