Enveda raises $311 million Series E to advance three clinical programmes
Catalio Capital Management led the financing for the AI drug-discovery company.
The funding will advance ENV-294 and ENV-308 into later-stage trials and further indications, support mid-phase development of ENV-6946, and bring more inflammatory and metabolic medicines into clinical testing. It will also expand Enveda’s PRISM discovery platform and automated laboratory.
New participants include Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital, accounts advised by T. Rowe Price Investment Management, Digitalis Ventures and Alderline Group. Existing investors also participated, alongside an unnamed sovereign wealth fund.
Enveda uses AI and laboratory experiments to identify promising molecules in natural samples and develop them into oral medicines. The company says the financing brings its total capital raised to more than $845 million.
Use of funds
Advance ENV-294 and ENV-308 into later-stage trials and additional indications
Advance ENV-6946 through mid-phase trials
Bring further inflammatory and metabolic medicines into clinical trials
Scale PRISM and its automated laboratory