Enveda Raises $311 Million in Series E Funding Led by Catalio Capital Management

Enveda, a biotech startup utilizing AI to unearth new drugs from the natural world, has secured a $311 million Series E financing round at a valuation of $2 billion. Catalio Capital Management spearheaded the funding, joined by Iconiq and other investors, propelling Enveda's valuation to double its standing from a year ago.

The company's mission centers around extracting potent medications from plants and microbes, leveraging AI and other innovative methods to expedite the drug discovery process. Founded in 2019 by Viswa Colluru, a former Recursion Pharmaceuticals team member, Enveda is among the vanguard of businesses ushering AI-discovered drug candidates into human clinical trials.

Although AI has yet to yield any FDA-approved drugs, Enveda is actively conducting patient trials for multiple drugs, including those addressing severe skin conditions and aiding weight maintenance post cessation of GLP-1s.