ByteDance spin-off Anew Labs raises US$290m as AI drug discovery funding surges in China

Anew Labs, a Shanghai-based AI drug discovery firm spun off from ByteDance, raised US$290 million at a US$1.5 billion valuation, reflecting a broader fundraising boom for Chinese AI drug developers. The deal signals sustained investor appetite for AI-driven biotech in China, positioning domestic firms as challengers to global players like Anthropic and Isomorphic Labs. The funding environment remains robust, though valuation sustainability and regulatory scrutiny are uncertain.