Enveda raises $311M Series E at $2B valuation to advance AI-discovered drugs into clinical trials

Enveda, an AI-driven biotech startup, raised a $311 million Series E funding round at a $2 billion valuation, doubling its valuation from a year ago. The round was led by Catalio Capital Management, with participation from Iconiq and others. The company is advancing multiple AI-discovered drug candidates into human clinical trials, including treatments for severe skin conditions and weight maintenance after GLP-1 discontinuation.

Founded in 2019 by Viswa Colluru, a former early employee of Recursion Pharmaceuticals, Enveda uses AI and other computational techniques to discover drugs from plants and microbes rather than synthesizing them from scratch. The company’s approach aims to harness the chemical diversity of nature to identify novel therapeutic candidates more efficiently.

While no AI-discovered drugs have yet received FDA approval, Enveda is among a wave of companies pushing AI-discovered drug candidates into human clinical trials. The startup’s pipeline includes at least two programs currently in patient testing: one targeting severe skin conditions and another designed to help maintain weight loss after patients stop taking GLP-1 medications.

The Series E round marks a significant increase in valuation for Enveda, which achieved a $1 billion valuation 12 months prior to this funding. The company’s rapid valuation growth reflects investor interest in AI’s potential to accelerate and de-risk drug discovery, particularly in areas with high unmet medical needs.