Enveda raises $311M at $2B valuation to push nature-based AI drugs into trials
The new funding doubles Enveda’s valuation in a year as it advances plant- and microbe-derived drug candidates in patient studies.
Enveda, a biotech startup applying AI to drug discovery from plants and microbes, has raised a $311 million Series E round at a $2 billion valuation. The round was led by Catalio Capital Management, with Iconiq and other investors participating, and values the company at roughly twice its level a year ago. Founded in 2019 by former Recursion Pharmaceuticals employee Viswa Colluru, Enveda focuses on identifying medicine candidates from natural sources rather than fully synthetic compounds. The company is part of a group of AI-driven biotechs that, despite no AI-designed drug yet being FDA-approved, are moving candidates into human trials. Enveda already has multiple compounds in patient studies, including one for serious dermatological diseases and another intended to support weight maintenance after discontinuing GLP-1 therapies.
Why it matters
The funding gives Enveda substantially more capital to pursue its strategy of discovering drugs from plants and microbes and moving them into human testing, at a time when no AI-discovered medicine has yet secured FDA approval. With a higher valuation and backers like Catalio Capital Management and Iconiq, the company has more runway to study candidates already in trials, including treatments for serious skin conditions and for maintaining weight after patients stop GLP-1 therapies, potentially widening future options if these programs succeed.
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Sources
- TechCrunch