ByteDance’s AI drug unit Anew Labs raises $290M at $1.5B valuation, Reuters reports
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, the company previously called Sequoia China, headed the transaction together with IDG Capital and Hillhouse Investment; 5Y Capital, acting as a co-lead, Gaorong Ventures, Primavera Venture Partners and Boyu Capital also took part, together with the state-supported Shanghai Future Industries Fund, while SBP Group became a strategic investor.
The spin-off was first mentioned a few days earlier by Intelligent Emergence, a 36Kr publication, which stated that approximately 50 of the core staff would move to the new company, along with its algorithms, technology platform, and pipeline assets.
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