ByteDance’s AI drug unit Anew Labs raises $290M at $1.5B valuation, Reuters reports

ByteDance spun off its AI drug discovery unit Anew Labs, raising $290M at a $1.5B valuation while retaining 56% ownership. The funding round included major investors like HSG, IDG Capital, and Hillhouse Investment. Anew Labs focuses on AI-driven drug discovery with multiple candidates and operates globally.