Anew Labs, an AI-driven drug discovery company spun off from ByteDance, raised US$290 million in its first funding round and was valued at about US$1.5 billion after the round, according to available reports.

ByteDance retained a 56% stake. HSG, IDG Capital, and Hillhouse Investment led the round, with 5Y Capital as a co-lead investor.

Strategic investors included Sino Biopharmaceutical and the Shanghai Future Industry Fund.

Anew Labs began inside ByteDance in 2021 and was spun out in June 2026.

Available reports describe it as an AI-driven drug discovery business.

The company reportedly has offices in Shanghai, San Francisco, and Singapore, but reviewed external reporting did not independently verify its leadership, headquarters, therapeutic focus, or pipeline.

🔗 Source: Yicai