Boulder-based Enveda Biosciences has secured $130 million in a Series C funding round, led by Kinnevik and FPV, to bolster its AI-powered drug discovery platform. The funding will support the advancement of its clinical pipeline, including ENV-294, an oral anti-inflammatory therapy currently in Phase I clinical trials for atopic dermatitis and other inflammatory conditions.
AI-Driven Drug Discovery Platform
Enveda's platform leverages artificial intelligence to analyze natural compounds and accelerate the discovery of new medicines. The platform combines metabolomics data with machine learning and high-throughput biological experiments to identify and characterize molecules and their functions. According to Enveda, this approach allows them to develop therapeutics at roughly four times the speed of traditional methods.
"Some of the world’s greatest pharmaceutical breakthroughs have been derived from just 0.1% of nature’s chemistry," said Viswa Colluru, Founder and CEO of Enveda. "We developed our platform to rapidly expand access to nature’s chemistry to find therapeutics...and it’s already delivering results in the form of a deep and differentiated pipeline."
Advancing Clinical Programs
The Series C funding will enable Enveda to achieve clinical milestones in 2025 and 2026 across multiple programs. Enveda currently has 10 drug candidates in its development pipeline. A key focus is ENV-294, a first-in-class oral anti-inflammatory agent that received IND clearance from the FDA and entered Phase I clinical trials in October. This trial marks the first candidate discovered using the Enveda platform to reach the clinic.
Investors and Future Plans
The funding round saw participation from new and existing investors, including Baillie Gifford, Premji Invest, Lingotto Innovation, Lux Capital, Dimension Capital, True Ventures, Cresset Partners, The Nature Conservancy, and Henry R. Kravis. With this latest round, Enveda has raised a total of $360 million since its founding in 2019.
Enveda's North American operations are based in a 60,000-square-foot facility in Boulder, Colorado, with additional operations in Hyderabad, India. The company aims to leverage its platform to address unmet medical needs and develop differentiated medicines faster than historically possible.
