Enveda, a clinical-stage biotech company in Boulder, Colorado, that uses AI to find medicines in molecules made by living organisms, closed a $311m Series E round, it announced on 23 September 2026. Catalio Capital Management led the round.
The round valued Enveda at about $2bn, according to TechCrunch as cited by the Swedish news service Placera. Channel Insider reported the same figure. Placera reported that this was double the company's valuation of 12 months earlier. Enveda did not state a valuation in its release.
The financing brought Enveda's total capital raised since it started to more than $845m, the company said. George Petrocheilos, co-founder and managing partner of Catalio, joined Enveda's board.
“The pharmaceutical industry has given the world extraordinary medicines, and it has done so at a cost that keeps rising. 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.”Viswa Colluru, Ph.D., Founder and CEO, Enveda
Who invested
New investors were Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital (a Citadel company), accounts advised by T. Rowe Price Investment Management, Digitalis Ventures, Alderline Group and a sovereign wealth fund that the company did not name.
Existing investors Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital and Lux Capital also took part.
Petrocheilos said Catalio invests where biotech and AI meet and called Enveda "one of the clearest cases of that actually happening". He said the company had produced its oral drug candidates "in just five years from their Series A". Alex Gorsky, a general partner at ICONIQ, co-founder of Alderline Group and former chief executive of Johnson & Johnson, said: "The rate of pipeline progression and early clinical data suggest this approach is working."
What Enveda does
Enveda was founded in 2019, according to Placera and Channel Insider, and is led by founder and chief executive Viswa Colluru. Its platform, PRISM, is an AI model trained on the chemistry of living things. It identifies molecules that already exist in plants, microbes and the human body, predicts their structures from mass spectrometry data, guides lab experiments to find what they do and ranks them by therapeutic potential. Company chemists then turn the best candidates into oral drugs.
The company said the approach has produced 17 development candidates since 2019, three of them now in human trials. ENV-294, a once-daily pill for eczema and asthma, improved eczema severity by an average of 85% after 42 days in a Phase 1b study with no serious side effects, and is in Phase 2. ENV-308 is being developed to help people keep weight off after they stop GLP-1 drugs; in a study of 88 healthy volunteers it was well tolerated and lowered circulating leptin. ENV-6946, for inflammatory bowel disease, is in Phase 1.
Over the past year Enveda has hired clinical leaders from drugmakers, including Nadeem Sarwar from Novo Nordisk, Michael Charlton from Madrigal Pharmaceuticals and Doug Maslin from LEO Pharma.
What the money is for
Enveda said it will use the money to move ENV-294 and ENV-308 into later-stage trials and further indications, with new trials expected to start in the coming months, and to take ENV-6946 through mid-stage trials.
It also plans to bring more drug candidates for inflammatory and metabolic conditions into the clinic and to keep scaling PRISM and the automated laboratory that supplies its data. The company did not disclose its headcount.
Company website: enveda.com