Enveda, a clinical-stage biotechnology company that uses artificial intelligence to discover medicines from natural chemistry, has raised $311 million in Series E funding.
The round was led by Catalio Capital Management and included new investments from 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 including Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital and Lux Capital also participated.
“The pharmaceutical industry has given the world extraordinary medicines, and it has done so at a cost that keeps rising,” said Viswa Colluru, Ph.D., Founder and CEO of Enveda. “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.”
The latest financing brings Enveda’s total capital raised since its founding to more than $845 million. George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management, has also joined Enveda’s Board of Directors.
Enveda plans to use the new funding to advance several drug candidates through clinical development. The company expects to move ENV-294 and ENV-308 into later-stage trials and additional indications, while advancing ENV-6946 through mid-stage trials.
“We invest at the intersection of biotech and AI because we believe the combination will change how medicines are discovered, and Enveda is one of the clearest cases of that actually happening,” said George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management. “In just five years from their Series A, the company has turned chemistry that evolution already refined into first-in-class oral medicines aimed at large, underserved patient populations, including atopic dermatitis, asthma, metabolic disease, and inflammatory bowel disease, with more programs behind them, and it has built a management team with the experience to take those medicines through late-stage development. Catalio is proud to lead this round, and I look forward to joining the Board.”
“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,” said Alex Gorsky, General Partner at ICONIQ, Co-founder of Alderline Group, and former Chief Executive Officer of Johnson & Johnson. “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.”
The funding will also support new clinical programs targeting inflammatory and metabolic diseases and help Enveda expand its AI platform and automated laboratory infrastructure.
Enveda’s drug discovery platform is built around PRISM, an AI foundation model trained on the chemistry of living organisms. The platform analyzes compounds from plants, microbes and the human body, helping researchers identify their structures, understand their biological functions and evaluate their potential as medicines.
The company says its approach focuses on chemical compounds that already exist in nature rather than designing every molecule from scratch. Enveda believes that the largely unexplored chemistry found in living organisms could provide new options for treating diseases.
Since its founding in 2019, Enveda says its platform has produced 17 drug development candidates, with three currently in human clinical trials.
The company has also expanded its clinical development team with executives who previously held roles at Novo Nordisk, Madrigal Pharmaceuticals and LEO Pharma.
The new financing follows two positive early clinical readouts in 2026 for Enveda-discovered medicines targeting atopic dermatitis and metabolic health. The company will use the capital to continue advancing its pipeline and expanding its AI-powered drug discovery platform.
