Enveda Therapeutics Inc., an AI-powered drug discovery startup, has secured $130 million in a recent funding round, just months after its previous financing. The investment, led by Nordic investor Kinnevik and FPV Ventures, with participation from Baillie Gifford, Lux Capital, and the Nature Conservancy, will support the advancement of its drug pipeline.
Phase I Trial for Atopic Dermatitis
Enveda has initiated a Phase I clinical trial for an oral drug aimed at treating atopic dermatitis, commonly known as eczema. The drug is based on a molecule identified through Enveda's AI platform, which screens naturally occurring chemical compounds. The company hopes this new treatment will offer relief from eczema without the side effects associated with existing therapies. The first patient has already been enrolled in the trial.
Viswa Colluru, founder and CEO of Enveda, stated, "The very exciting aspect of this, as well as other drugs in the pipeline, is they attack big problems faced by a large number of people."
Expansion into Inflammatory Bowel Disease
Looking ahead, Enveda plans to launch a clinical trial next year for a drug targeting inflammatory bowel diseases, including Crohn's disease. The company currently has 10 molecules in its development pipeline, addressing both eczema and inflammatory bowel disease.
AI-Driven Drug Discovery Approach
Enveda's approach combines proprietary AI technology with mass spectrometry data to analyze thousands of molecules simultaneously. This accelerates the identification of promising drug candidates. The company's previous valuation was $400 million, and while the current valuation has not been disclosed, it is reportedly higher.
James Anderson, chief investment officer at Lingotto Innovation Strategy, an investor in Enveda, highlighted the potential to discover drug candidates faster and at a lower cost compared to traditional methods. "We're pretty strongly of the view that the whole drug discovery process is badly broken," Anderson said, emphasizing the importance of focusing on chemistry in addition to genomics.
Challenges and Future Outlook
Phase I trials represent an early stage of drug development, and the journey to market typically takes five to seven years, contingent on successfully demonstrating safety and efficacy. While AI has shown promise in drug development, it has also faced challenges in fully realizing its potential. Enveda's approach, which integrates AI with detailed chemical analysis, represents a novel strategy in the field.
