Enveda closed a $311 million Series E funding round at a $2 billion post-money valuation, according to a company announcement. The AI biotech is using the capital to advance nature-derived compounds into clinical trials, with two programs in active development.
The company is currently running a Phase 2 trial for ENV-294, a drug for atopic dermatitis, and has ENV-308 in clinical development to maintain weight loss in patients who have stopped taking GLP-1 medications. Enveda's platform uses machine learning to identify and validate drug candidates derived from natural compounds, a process the company says accelerates discovery compared to traditional screening methods.
Enveda was founded in 2019 and has raised $556 million across all rounds, including this Series E. The company's focus on weight-loss maintenance addresses a specific gap: patients who discontinue GLP-1 drugs like Ozempic and Wegovy often regain weight, and no approved therapies currently exist to prevent that rebound. The atopic dermatitis program targets a chronic inflammatory condition affecting millions globally, where existing treatments carry side-effect burdens that drive demand for alternatives.
AI-discovered drugs remain a nascent category in pharma. Exscientia, a UK-based AI drug discovery company, brought its first AI-designed candidate into human trials in 2021 and remains in early-stage development. Relay Therapeutics, another AI biotech, completed a Phase 2 trial for an AI-discovered oncology drug in 2024. Only a handful of AI-discovered assets have entered human testing.
The Series E values Enveda at 15.6 times its total cumulative fundraising. The company's pipeline advancement and continued institutional funding for the space come as the broader biotech sector remains volatile.
Enveda's progress hinges on Phase 2 data for ENV-294 and ENV-308 clinical readouts, which will determine whether its AI discovery platform can produce drugs that pass the regulatory bar and deliver efficacy in human patients.
