ByteDance Spinoff Anew Labs Raises $290M at $1.5B Valuation From HSG and IDG for AI Drug Discovery

Reuters reports that Shanghai-based Anew Labs, ByteDance's AI drug discovery spinoff, has completed a $290M fundraise led by HSG and IDG Capital at a $1.5B valuation. The unit, led by Kai Liu with about 50 core members, has been operating since 2021 and recently unveiled an AI-designed small molecule targeting the previously undruggable IL-17 protein, part of ByteDance's push to commercialize AI-for-science capabilities separately from its consumer platforms.