Enveda, an AI drugmaker, banks $311M in venture funding
The biotech startup said the new capital will advance three clinical-stage candidates and expand its PRISM platform, after early trial data showed promise in eczema and obesity.
- On Wednesday, Colorado-based Enveda Biosciences announced a $311 million Series E financing, valuing the AI drug discovery specialist at $2 billion. The round, led by Catalio Capital Management, doubles the valuation achieved 12 months ago.
- Enveda deploys its AI platform, PRISM, to identify therapeutic compounds from plants and microbes. By predicting molecular structures from mass spectrometry data, the system ranks candidates by therapeutic potential, yielding 17 programs since 2019.
- Clinical testing shows progress for three candidates: ENV-294 reduced eczema severity by 85% in a 42-day study, ENV-308 mimics a hormone to help maintain weight loss, and ENV-6946 targets inflammatory bowel disease.
- Catalio Capital Management led the financing with 16 other backers including ICONIQ and Surveyor Capital. The company will advance three clinical-stage candidates through later-stage trials and expand its AI platform capabilities.
- With total capital raised exceeding $845 million, Enveda is scaling clinical leadership by hiring former Novo Nordisk executive Nadeem Sarwar. The startup aims to strategically partner candidates to validate its approach while advancing other programs.
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Daily Camera
BizWestAI drug-discovery firm Enveda raises $311M
Boulder-based Enveda Therapeutics Inc., which uses machine learning to discover naturally occurring drug compounds, recently raised $311 million from investors as a handful of the company’s drug candidates move through the development pipeline.
TechCrunch
BizTocEnveda secures $311M to bring more nature-derived AI drugs into clinical trials
The round valued the AI biotech at $2 billion. It is currently testing drugs that treat skin conditions and preserve weight loss after stopping GLP-1s.
Enveda Raises $311 Million at $2 Billion Valuation to Advance AI-Discovered Drugs
Enveda has raised $311 million in Series E funding at a $2 billion valuation as the biotech startup advances medicines discovered with the help of artificial intelligence into human clinical trials. The new valuation is twice what the company was worth 12 months ago. Catalio Capital Management led the financing, with participation from Iconiq and […]
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