Enveda Banks $311M Series E to Push AI-Designed Drugs Through Clinic

Enveda Biosciences has raised $311 million in a Series E round, a haul that rivals the totals of some of this year's larger biotech initial public offerings.

The Colorado-based company, which uses artificial intelligence to discover drugs inside plants and microbes, announced the financing on Wednesday. Catalio Capital Management led the round. Sixteen other investors participated, including Surveyor Capital, T. Rowe Price, Lux Capital and a sovereign wealth fund.

Enveda said it will spend the cash pushing its pipeline through clinical development. Three candidates are already in human testing for immune diseases and obesity.

The company's approach starts with AI that identifies molecules in living organisms and predicts their structure and function. Its system ranks those molecules by drug potential, and Enveda's chemists then convert the most promising candidates into drug programs. CEO and founder Viswa Colluru told BioPharma Dive in June that the company is already evaluating 17 programs born from that research.

"As much as the industry has gotten comfortable with the more iterative approaches, the thing that moves the needle for patients and seeds power law returns for companies is first-in-class mechanisms that shift the paradigm," Colluru said at the time.

Three clinical assets

Earlier this year, Enveda disclosed Phase 1 data from two AI-designed programs, one targeting atopic dermatitis and one targeting obesity.

The first, ENV-294, is a "molecular glue" that showed potential to reduce eczema symptoms in a small, early trial. Colluru said the pill could help patients who don't respond to approved atopic dermatitis treatments such as Dupixent. Phase 2 trials are underway in eczema and asthma.

The second, ENV-308, is what Enveda bills as a "pill designed from the chemistry of exercise." The experimental therapy mimics a hormone called "Lac-Phe" that the body releases after exercise or meals, and it showed an encouraging safety profile in early-stage testing. The company plans to test whether ENV-308 can help people maintain weight loss after stopping GLP-1 drugs.

A third candidate, ENV-6949, targets the TL1A pathway, a popular emerging approach to treating inflammatory bowel disease.

Colluru laid out the commercial logic behind the portfolio in June: "The way we think about it is, put multiple drugs into the clinic [and] strategically partner each of these at the time when the value inflection is right, such that we get both the validation and capital to move other chess pieces further along."

Funding track record

The Series E builds on more than $530 million in prior venture backing. That total includes a $150 million Series D raised in 2025.

The new round signals that top-tier crossover and AI-focused investors remain willing to write biotech-sized checks for private companies with clinical proof points, and Enveda's stated plan to partner programs at value inflection points suggests the $311 million may not be its last major transaction.