Enveda raises $311M at $2B valuation for AI-driven drug discovery

• Enveda raised $311 million in a Series E funding round led by Catalio Capital Management.
• The biotech startup's valuation reached $2 billion, doubling from the previous year.
• Enveda uses AI to discover drugs derived from natural sources like plants and microbes.
• The company has two medicines, ENV-294 for atopic dermatitis and ENV-308 for metabolic health, that have shown positive early clinical readouts.
• Proceeds will advance existing clinical-stage medicines and bring new ones into trials for inflammatory and metabolic conditions.
• Enveda's AI platform is named PRISM.

Enveda, a biotechnology company leveraging artificial intelligence to discover medicines from natural sources, has successfully closed a $311 million Series E funding round. The financing, led by Catalio Capital Management, values the company at $2 billion, a doubling of its valuation from the previous year. The round also saw participation from new investors including Durable Capital Partners, ICONIQ, Lightspeed, and accounts advised by T. Rowe Price Investment Management, alongside existing backers such as Baillie Gifford and Lux Capital.

Founded in 2019 by Viswa Colluru, Enveda's approach centers on harnessing the medicinal potential of plants and microbes, rather than solely relying on synthetic chemistry. The company's proprietary AI platform, PRISM, is designed to identify biologically active molecules from nature. Enveda has reported positive early clinical readouts in 2026 for two of its drug candidates: ENV-294 for atopic dermatitis and ENV-308 for metabolic health.

The substantial capital infusion will be used to advance these and other clinical-stage medicines into later-phase development, initiate new trials for inflammatory and metabolic conditions, and further scale the PRISM platform and its supporting automated laboratory. Enveda aims to accelerate the discovery and development of transformative medicines at a lower cost than traditional industry models.