Anew Labs raises $290M for AI drug discovery

Anew Labs, ByteDance’s spun-out AI drug-discovery unit, raised $290 million at a $1.5 billion valuation, Dealroom reports in its financing account. The Shanghai company has built Protenix and PXDesign, holds four drug candidates with none approved, and ByteDance will retain a 56% stake after the round. For operators, this is a capital-market signal—not clinical proof—that AI-for-science teams are being separated from consumer-tech parents; compare it with the archive’s $200M AI-for-health analysis.