ByteDance’s Shanghai-based AI drug discovery unit, Anew Labs, completed a $290 million first external fundraising at a $1.5 billion post-investment valuation after becoming an independent legal entity in June 2026. HSG, IDG Capital and GL Ventures, a Hillhouse Investment subsidiary, led the round, while 5Y Capital was co-lead. Sino Biopharmaceutical and the state-backed Shanghai Future Industry Fund invested alongside Gaorong Ventures, Primavera Venture Partners, Boyu Capital and SBP Group. ByteDance retained a 56% stake, preserving majority control while allowing Anew Labs to recruit capital and talent independently. The company, which originated within ByteDance in 2021, operates from Shanghai with offices in San Francisco and Singapore. Its publicly listed AI platforms cover protein and molecular-complex structure prediction, drug-discovery sampling and antibody design, supporting programs against IL-17 family and IL4R targets as well as two undisclosed targets.