ByteDance completes $290 million fundraising for AI drug unit after its spin-off, sources say
The AI drug discovery unit reached a $1.5 billion valuation after its first outside funding round, with ByteDance keeping a 56% stake.
- On Wednesday, ByteDance completed a $290 million fundraising round for its newly spun-off AI drug discovery unit, Anew Labs, which achieved a $1.5 billion valuation after its inaugural external capital raise.
- ByteDance spun off the unit to better support long-term development, as AI drug discovery follows different industry logic than the group's core operations; the parent company will maintain a 56% stake.
- The fundraising was led by HSG, formerly Sequoia China, alongside IDG Capital and Hillhouse Investment, with 5Y Capital as co-lead. Anew Labs operates across Shanghai, Singapore, and San Jose, California.
- Liu Kai leads the team after seven years in venture capital at IDG Capital and Fire Stone Investment. Biology head Chris Li showcased an AI-designed IL-17 inhibitor in Boston, one of four candidates under development.
- Volcano Engine, ByteDance's cloud division, will continue providing computing power for the venture. Approximately 50 core staff moved to the firm, marking ByteDance's first step toward commercializing its AI-for-science efforts.
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ByteDance completes $290 million fundraising for AI drug unit after its spin-off, sources say - Regional Media News
By Kane Wu HONG KONG, Sept 16 (Reuters) - Chinese social media and internet company ByteDance has completed a $290 million fundraising for its AI drugmaking unit after spinning it off from the group, two people with knowledge of the matter said on Wednesday. Shanghai-headquartered [...]
ByteDance AI drug discovery unit raises $290M at $1.5B
ByteDance closed a $290M funding round for Anew Labs, its newly spun-off AI drug discovery unit, at a $1.5B valuation, Reuters reports, citing two sources familiar with the matter. Moreover, the company that owns TikTok will retain 56% of the business after this round, according to the same sources. According to the same reporting, HSG, […] This story continues at The Next Web
ByteDance AI Drug Unit Anew Labs Raises $290M After Spin-Off, Valued at $1.5B
HONG KONG: Chinese social media and internet company ByteDance has completed a $290 million fundraising for its AI drugmaking unit after spinning it off from the group, two people with knowledge of the matter said on Wednesday.Shanghai-headquartered Anew Labs, which uses AI for drug discovery, has achieved a valuation of $1.5 billion after its inaugural external fundraising, said one of the sources.The fundraising was led by HSG, formerly kno…
ByteDance’s first-half net profit reportedly fell to $20 billion amid higher AI spending · TechNode
ByteDance’s first-half net profit reportedly fell to $20 billion as AI spending increased, according to three people familiar with the company’s finances cited by The Information. Revenue reached $120 billion, up about 30% year on year, with TikTok’s international advertising and e-commerce businesses providing a major boost. The report said ByteDance is expanding AI cloud […]
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