China is seeing a fresh fundraising boom for AI 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 that was formerly a 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 capital firms such.
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