TMTPOST — Anew Labs, the AI drug discovery company spun out of ByteDance, has completed a $290 million fundraising round, its first independent financing, according to people familiar with the matter. The round was led by HSG (formerly Sequoia China), IDG Capital and Hillhouse Investment, with 5Y Capital as a co-lead. Other participants included Gaorong Ventures and several strategic investors from the pharmaceutical sector. The financing values the Shanghai-based company at about $1.5 billion, with ByteDance retaining a majority stake. Anew Labs was formed after ByteDance separated its AI pharmaceutical business line earlier this year, transferring the core team, algorithms and pipeline assets into the new entity.