ByteDance spin off Anew Labs raises $290m for AI drug discovery

The South China Morning Post reports that ByteDance spin off Anew Labs has raised US$290 million at a US$1.5 billion valuation to fund its AI driven drug discovery platform. Investors include HSG (formerly Sequoia China), IDG Capital and 5Y Capital, while ByteDance retains a 56 percent stake in the Shanghai based company. ([scmp.com](https://www.scmp.com/business/china-business/article/3367926/bytedance-spin-anew-labs-raises-us290m-ai-drug-developers-enjoy-fundraising-boom?utm_source=rss_feed))