Enveda, a biotech startup utilising AI to identify new drugs from natural sources, has successfully raised $311 million in a Series E funding round. This investment has valued the company at $2 billion, doubling its valuation from a year ago.
The funding round was led by Catalio Capital Management, with Iconiq and other investors also participating. Enveda, founded in 2019 by Viswa Colluru, focuses on harnessing medicines from plants and microbes, aiming to accelerate drug discovery through AI.
The startup is currently conducting human clinical trials for several drug candidates. These include a drug targeting severe skin conditions and another designed to help patients maintain weight loss after discontinuing GLP-1s.