Enveda, a Boulder, Colorado-based clinical-stage biotechnology company using artificial intelligence to discover medicines from naturally occurring molecules, has raised a $311 million Series E financing led by Catalio Capital Management. The round brings the company’s total funding since inception to more than $845 million and will support advancing three clinical-stage drug candidates, developing additional therapies, and continuing the expansion of its AI-driven drug discovery platform.
New investors 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 Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital, and Lux Capital also participated.
In connection with the financing, George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management, has joined Enveda’s Board of Directors.
The funding follows positive early clinical readouts from two investigational medicines discovered using PRISM, Enveda’s proprietary AI-native platform for identifying biologically active molecules found in nature.
The company plans to use the new capital to advance its three existing clinical-stage programs into later-phase development and additional indications while introducing further investigational medicines into human clinical trials.
Its lead pipeline includes ENV-294, an oral treatment being developed for atopic dermatitis and asthma, and ENV-308, an investigational medicine targeting metabolic health.
Enveda also plans to advance ENV-6946, an oral treatment being developed for inflammatory bowel disease, through additional clinical development.
The company’s approach differs from conventional drug discovery methods that primarily involve synthesizing and screening new molecules. Enveda uses AI to investigate naturally occurring chemicals produced by plants, microbes, and the human body.
Its PRISM platform analyzes mass spectrometry data to predict molecular structures, guides laboratory experiments to identify biological functions, and ranks molecules according to their therapeutic potential.
Enveda’s researchers subsequently optimize promising molecules into investigational oral medicines.
The company estimates that approximately 99% of nature’s chemical diversity remains scientifically unexplored, representing a substantial opportunity to discover previously unidentified biologically active compounds.
Since its founding in 2019, Enveda has identified 17 development candidates, including three currently undergoing human clinical trials.
Its first major program, ENV-294, is a once-daily oral therapy designed to reduce overactive immune responses associated with eczema and asthma.
In a Phase 1b study, the company reported that eczema severity improved by an average of 85% after 42 days, with no serious side effects observed. Phase 2 trials are underway, and Enveda expects to present additional data at the European Academy of Dermatology and Venereology Congress on October 1, 2026.
ENV-308 is based on a naturally occurring molecule released during intense physical exercise. The drug is being developed to support metabolic health and potentially help patients maintain weight loss after discontinuing GLP-1 medicines.
In its Phase 1 study involving 88 healthy volunteers, ENV-308 was generally well tolerated and produced a reduction in circulating leptin, a hormone associated with energy storage and metabolic regulation.
These initial results provide evidence of biological activity, although further clinical trials are necessary to establish the drug’s efficacy in patients with metabolic conditions.
Enveda’s third clinical candidate, ENV-6946, targets multiple inflammatory pathways and is currently undergoing Phase 1 evaluation for inflammatory bowel disease.
The company plans to initiate new trials involving ENV-294 and ENV-308 in the coming months while advancing ENV-6946 and other pipeline programs.
The financing will also support continued investment in PRISM and the automated laboratory infrastructure used to identify, characterize, and develop biologically active compounds.
Enveda has expanded its clinical leadership team to support its transition toward later-stage drug development. Recent additions include Nadeem Sarwar, Ph.D., from Novo Nordisk; Michael Charlton, M.D., from Madrigal Pharmaceuticals; and Doug Maslin from LEO Pharma.
The combination of additional financing, clinical development expertise, and investment in its AI platform is intended to support Enveda as it advances its investigational medicines through increasingly complex clinical trials.
KEY QUOTES:
“The pharmaceutical industry has given the world extraordinary medicines, and it has done so at a cost that keeps rising. We started Enveda on a different premise: the most reliable source of new medicines is the chemistry that living things have been refining for billions of years, and AI finally lets us read it. Two novel molecules from that approach have now shown their early potential in people. This financing lets us build the company those results deserve, one that can carry its own medicines from discovery through late-stage development, and do it faster and at lower cost than the industry has come to accept. Just as importantly, we have brought together a syndicate of investors whose conviction validates both the strength of our platform and our belief that there is a fundamentally better way to discover and develop medicines.”
Viswa Colluru, Ph.D., Founder and CEO of Enveda
“Enveda is exactly the kind of business we look for at Catalio — a full-stack, AI-enabled platform spanning from discovery all the way to the clinic. We think their three ongoing clinical trials, with two already showing therapeutic benefit, validate the platform and prove that Enveda has a repeatable pipeline for creating new medicines. We are proud to lead this round and join the Board.”
George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management
“Enveda’s insight that evolution has already run the largest drug discovery program in history and that the results are now readable with the right AI is the kind of idea we viewed as having platform potential. The rate of pipeline progression and early clinical data suggest this approach is working, and we believe this could represent an important milestone for patients and more broadly in healthcare.”
Alex Gorsky, General Partner at ICONIQ, Co-Founder of Alderline Group, and Former CEO of Johnson & Johnson
