ByteDance has raised $290 million for Anew Labs, its AI drug discovery unit, in a first external funding round that valued the company at $1.5 billion, making it an instant unicorn. The round was led by HSG, IDG Capital, and Hillhouse Investment, with participation from 5Y Capital, Gaorong Ventures, Primavera, Boyu, SBP Group, and the Shanghai Future Industries Fund. Anew Labs, which originated from an internal ByteDance AI-for-Science team formed in 2021, develops AI models for molecular structure prediction and protein design, including Protenix, Seedfold, and PXDesign. The company presented an IL-17 small-molecule inhibitor candidate in 2026 targeting autoimmune diseases, while ByteDance retains a 56% controlling stake in Anew Labs following this round.
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