Corporate spin-offs stories

Sep 16, 2026

ByteDance raises $290 million for spun-off AI drug discovery unit at $1.5 billion valuation

Chinese internet company ByteDance has completed a $290 million fundraising round for its artificial intelligence drug discovery unit after spinning it off as a separate entity called Anew Labs. The funding values the newly independent company at $1.5 billion.

Sep 16, 20263 sources

Jun 4, 2026

Quantinuum Raises $1.68 Billion in Upsized IPO, Debuts on Nasdaq

Honeywell's quantum computing spinoff Quantinuum raised $1.68 billion in an upsized initial public offering and began trading on Nasdaq, marking a significant milestone as quantum computing gains commercial momentum.

Jun 4, 20262 sources

Top claims

▪ByteDance spun off Anew Labs to support its long-term development because AI drug discovery follows a different industry logic and management approach than ByteDance's core operations.
▪Anew Labs is headed by Liu Kai, who joined ByteDance in 2021 after working in venture capital at IDG Capital and Fire Stone Investment for seven years.
▪Additional investors in the Anew Labs fundraising round included Gaorong Ventures, Primavera Venture Partners, Boyu Capital, strategic investor SBP Group, and the state-backed Shanghai Future Industries Fund.

Subtopics

AI for developers1 AI startups1 Longevity biotech founders1 Quantum computing1 Venture capital funding1

Related timelines