ByteDance completes $290 million fundraising for AI drug unit after its spin-off, sources say

ByteDance completes $290 million fundraising for AI drug unit after its spin-off, sources say - Regional Media News

By Kane Wu HONG KONG, Sept 16 (Reuters) - Chinese social media and internet company ByteDance has completed a $290 million fundraising for its AI drugmaking unit after spinning it off from the group, two people with knowledge of the matter said on Wednesday. Shanghai-headquartered [...]

ByteDance AI drug discovery unit raises $290M at $1.5B

ByteDance closed a $290M funding round for Anew Labs, its newly spun-off AI drug discovery unit, at a $1.5B valuation, Reuters reports, citing two sources familiar with the matter. Moreover, the company that owns TikTok will retain 56% of the business after this round, according to the same sources.  According to the same reporting, HSG, […] This story continues at The Next Web

ByteDance AI Drug Unit Anew Labs Raises $290M After Spin-Off, Valued at $1.5B

HONG KONG: Chinese social media and internet company ByteDance ‌has completed a $290 million fundraising for its AI drugmaking unit after spinning it off from the group, two people with knowledge of the matter said on Wednesday.Shanghai-headquartered Anew ⁠Labs, which uses AI for drug discovery, has achieved a valuation of $1.5 billion after its inaugural external fundraising, said ‌one of the sources.The fundraising was led by HSG, formerly kno…

ByteDance’s first-half net profit reportedly fell to $20 billion amid higher AI spending · TechNode

ByteDance’s first-half net profit reportedly fell to $20 billion as AI spending increased, according to three people familiar with the company’s finances cited by The Information. Revenue reached $120 billion, up about 30% year on year, with TikTok’s international advertising and e-commerce businesses providing a major boost. The report said ByteDance is expanding AI cloud […]

ByteDance completes $369m fund raising for AI drug unit

ByteDance’s AI drug unit Anew Labs raises $369 million, reaching a US$1.5 billion valuation to advance AI-driven drug discovery and development. Read more at straitstimes.com.

ByteDance completes $290 million fundraising for AI drug unit after its spin-off, sources say

By Kane Wu HONG KONG, Sept 16 (Reuters) - Chinese social media and internet company ByteDance has completed a $290 million fundraising ​for its AI drugmaking unit ‌after spinning it off from the group, two people with knowledge of the matter said on We...