G42 acquired shares from existing backers including SoftBank and SIG valuing ByteDance at $220bn while Novartis co-led Mediar’s $85m series A round.

Exit Artificial intelligence and cloud computing technology provider G42’s 42XFund has paid $100m to acquire a stake in ByteDance, the China-based operator of short video streaming platform TikTok, from investors including telecommunications and internet group SoftBank and quantitative trading firm Susquehanna International Group. The deal valued ByteDance at $220bn, according to Bloomberg. Funding Novartis Venture…

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