On September 16, according to market information, Anew Labs, an AI pharmaceutical business spun off from ByteDance, independently completed the first round of financing of 290 million US dollars, with a post-investment valuation of about 1.5 billion US dollars. ByteDance retains 56% of the shares and maintains a controlling position. This round of financing was led by HSG, IDG Capital, and Gao Lin Investment, and co-led by Wuyuan Capital. Strategic investors include China Biopharmaceuticals and the Shanghai Future Industry Fund. As of press release, there has been no response from ByteDance. Anew Labs, formerly known as ByteDance's internal AI for Science drug discovery team, was formed in 2021 under the leadership of Liu Kai, with about 50 core members. As early as the end of 2020, Byte AI Lab began recruiting talents in the field of AI pharmaceuticals.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.