Anew Labs raises $290 million, valued $1.5B as ByteDance retains majority
Business
Anew Labs, ByteDance's offshoot focused on using AI to find new medicines, just landed $290 million in its first big funding round.
The fresh cash bumps the company's value up to $1.5 billion.
Even though Anew Labs is now a separate business, ByteDance still owns more than half of it.
Funding accelerates Anew Labs's AI research
Big names like HSG (formerly Sequoia China), IDG Capital, and Hillhouse Investment led the investment, with support from several other investors.
This funding will help Anew Labs ramp up its AI-powered drug research and focus even more on tackling challenges in healthcare, pretty different from ByteDance's usual social media territory.