Market Chatter: ByteDance Raises $290 Million for AI Drugmaking Unit Following Spinoff

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ByteDance raised $290 million for Anew Labs following a spinoff of the artificial intelligence drugmaking unit, Reuters reported Wednesday, citing two people with knowledge of the matter.

Anew Labs achieved a $1.5 billion valuation following the fundraising round, led by HSG, IDG Capital, and Hillhouse Investment, as well as Gaorong Ventures, Primavera Venture Partners, and Boyu Capital, with 5Y Capital as co-lead investor and SBP Group as strategic investor, the report said.

ByteDance spun off Anew Labs as AI drug discovery does not adhere to the group's main operations, Reuters said.

ByteDance did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"QTOC","symbol_name":"Innovator Growth Accelerated Plus ETF - October","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2667605269","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2667605269","pubTimestamp":1789546012,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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