Enveda Raises $311 Million to Advance AI-Discovered Medicines

Enveda has raised $311 million in a Series E financing round to advance its pipeline of medicines discovered using artificial intelligence and natural biological chemistry.

The clinical-stage biotechnology company said the financing was led by Catalio Capital Management and brings its total funding raised since its founding to more than $845 million.

New investors in the round include Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital, accounts advised by T. Rowe Price Investment Management, Digitalis Ventures, a sovereign wealth fund and Alderline Group. Existing investors including Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital and Lux Capital also participated.

George Petrocheilos, co-founder and managing partner of Catalio Capital Management, has joined Enveda’s board of directors as part of the financing.

Enveda plans to use the new funding to advance its lead programs, including ENV-294 and ENV-308, into later-stage clinical trials and additional indications. The company also plans to move ENV-6946 through mid-stage development and bring additional programs for inflammatory and metabolic diseases into clinical testing.

The funding will also support further development of Enveda’s PRISM platform and its automated laboratory systems.

Enveda uses artificial intelligence to search for potential medicines from the chemistry found in plants, microbes and other living organisms. Its PRISM platform is trained on biological chemistry and is designed to identify molecules, predict their structures, study their biological activity and select candidates with potential therapeutic value.

The company believes that natural compounds could provide a large source of new drug candidates. Enveda said that although many medicines have originated from natural molecules, much of the chemical diversity found in nature has not yet been explored.

Since 2019, Enveda said its platform has produced 17 development candidates, with three currently being tested in human clinical trials.

One of its lead programs, ENV-294, is being developed as an oral treatment for inflammatory conditions including atopic dermatitis and asthma. In an early-stage study in atopic dermatitis, the company reported an average 85% improvement in disease severity after 42 days, with no serious side effects reported in the study.

Another program, ENV-308, is being studied for metabolic health and weight management. Enveda said the treatment was well tolerated in a study involving 88 healthy volunteers and showed a reduction in circulating leptin, a hormone involved in regulating energy storage.

ENV-6946 is an oral treatment for inflammatory bowel disease and is currently in Phase 1 development. The company said the drug is designed to target multiple inflammatory pathways.

The latest financing follows positive early clinical results for ENV-294 and ENV-308 reported in 2026. Enveda plans to use the additional capital to expand its clinical pipeline and build the development capabilities needed to advance its own medicines into later-stage trials.

The company has also expanded its clinical leadership team with executives who previously held development roles at companies including Novo Nordisk, Madrigal Pharmaceuticals and LEO Pharma.

Enveda said the financing will allow it to continue developing its AI platform while moving more drug candidates from discovery into clinical development.