Enveda – a biotechnology company using AI to translate nature into new medicines – announced an oversubscribed $130 million Series C funding round led by Kinnevik and FPV with participation from new and existing investors Baillie Gifford, Premji Invest, Lingotto Innovation, Lux Capital, Dimension Capital, True Ventures, Cresset Partners, The Nature Conservancy, and Henry R. Kravis. This funding round brings the total funding to $360 million.
This new funding round will enable Enveda to deliver clinical catalysts in 2025 and 2026 across multiple programs with strong commercial opportunities, continue advancing their deep pipeline of 10 Development Candidates and multiple discovery programs and invest in their platform. This news comes on the heels of the company’s first clinical trial and announcement of a foundation model for metabolomics trained on the world’s largest collection of experimental mass spectra.
Enveda is creating a “sequencer” for life’s chemistry. This AI-based platform combines metabolomics data with machine learning and high-throughput biological experiments to answer two fundamental questions of any natural sample at scale:
1.) What are the molecules?, and
2.) What do they do?
In only four years, Enveda’s platform has characterized the structure and function of over 1 million natural compounds, creating the largest known natural product dataset custom-built for modern drug discovery workflows. So Enveda’s drug development teams can harness the billions of years of evolutionary intelligence encoded in nature’s chemistry at every stage of drug discovery and at scale, uncovering new mechanisms of action and delivering differentiated medicines faster than historically possible.
In October, Enveda had received IND clearance from the U.S. Food and Drug Administration for ENV-294, a novel first-in-class oral anti-inflammatory agent targeting atopic dermatitis and other inflammatory conditions. ENV-294 subsequently entered Phase I clinical trials at the end of October as the first candidate discovered using the Enveda platform.
KEY QUOTES:
“Some of the world’s greatest pharmaceutical breakthroughs have been derived from just 0.1% of nature’s chemistry. We developed our platform to rapidly expand access to nature’s chemistry to find therapeutics at roughly four times the speed–and it’s already delivering results in the form of a deep and differentiated pipeline. This funding will help us advance multiple candidates to exciting clinical catalysts in the next year, confirming our guiding vision that life’s chemistry is an excellent source for new medicines.”
- Viswa Colluru, Founder and CEO of Enveda
“Enveda has continually delivered on the promise of its platform with world-class execution, giving us great confidence in the team’s ability to achieve the full potential of their ambitious vision to sequence life’s chemistry for human and planetary health”
– Christian Scherrer, Senior Investment Director and Head of Health and Bio at Kinnevik
“Enveda’s groundbreaking technology unites AI and nature to dramatically accelerate time to market and reduce costs while addressing some of the biggest health challenges today. Their use of machine learning to decode billions of years of evolutionary intelligence has resulted in a deep pipeline that puts Enveda at the cutting edge of drug discovery.”
- Pegah Ebrahimi, Managing Partner at FPV
“We believe that Enveda is an outstanding and potentially epoch defining company, at the intersection of biology and technology. I’ve been fortunate enough to be a long-term investor in several truly great companies over the last decades, from Amazon to Tesla to Tencent. I hope to see Enveda follow an equivalent path in essential efforts to improve the healthcare system.”
- James Anderson, CIO & Managing Partner of Lingotto Innovation Strategy
