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ByteDance spin-off Anew Labs raises US$290m as AI drug developers enjoy fundraising boom

ByteDance spin-off Anew Labs raises US$290m as AI drug developers enjoy fundraising boom
South China Morning Post Friday 18 September 2026, 03:00 UTC By Xinmei Shen 1 min read
Key Points

China is seeing a fresh fundraising boom for AI drug developers, with start-ups including a ByteDance spin-off raising hundreds of millions of dollars this week as investors rush to back domestic challengers to Anthropic and Isomorphic Labs. Anew Labs, a Shanghai-based AI drug discovery firm that was formerly a unit of Chinese tech giant ByteDance, has raised US$290 million at a valuation of US$1.5 billion, according to an informed source. Investors included prominent venture capital firms...

China is seeing a fresh fundraising boom for AI drug developers, with start-ups including a ByteDance spin-off raising hundreds of millions of dollars this week as investors rush to back domestic challengers to Anthropic and Isomorphic Labs. Anew Labs, a Shanghai-based AI drug discovery firm that was formerly a unit of Chinese tech giant ByteDance, has raised US$290 million at a valuation of US$1.5 billion, according to an informed source. Investors included prominent venture capital firms such...
ByteDance (ORG) Anew Labs (ORG) AI (ORG) China (LOCATION) Isomorphic Labs (ORG) Shanghai (LOCATION) Chinese (ORG)
Originally published by South China Morning Post Read original →

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