ByteDance spin-off Anew Labs raises US$290m as AI drug developers enjoy fundraising boom

China is seeing a fresh fundraising boom for artificial intelligence-powered drug developers, with start-ups including a ByteDance spin-off raising hundreds of millions of dollars this week as investors rush to back domestic challengers to Anthropic and Isomorphic Labs. Anew Labs, a Shanghai-based AI drug discovery firm and former unit of Chinese tech giant ByteDance, has raised US$290 million at a valuation of US$1.5 billion, according to an informed source. Investors included prominent venture...