USA – AI-powered biotech startup Enveda Biosciences has raised US $130 million in a Series C funding round to advance its innovative drug discovery and development programs.
Founded in 2019 by former Recursion executive Viswa Colluru, the company is leveraging artificial intelligence (AI) and natural compounds to create therapies for unmet medical needs.
Enveda’s platform integrates AI-driven models with metabolomics to analyze mass spectrometry data from natural samples.
Unlike traditional methods requiring labor-intensive isolation of individual compounds, Enveda’s approach directly identifies chemical structures and their biological activities within complex mixtures.
This methodology accelerates the discovery process, increasing the likelihood of identifying unique therapeutic compounds.
The company is also building a comprehensive chemical map of nature, cataloging the relationships between chemical structures and biological functions.
This resource enhances precision in predicting and designing new treatments, positioning Enveda as a pioneer in tapping into the unexplored 99.9% of nature’s chemical diversity.
Advancing clinical development
Enveda has progressed its first investigational new drug (IND), ENV-294, targeting inflammatory conditions like atopic dermatitis, into Phase I clinical trials.
ENV-294 exemplifies the company’s capability to rapidly transition from discovery to clinical development.
Enveda’s pipeline spans 10 drug candidates addressing areas such as immunology, obesity, fibrosis, chronic pain, and neurological disorders.
The company aims to achieve key clinical milestones by 2025 and 2026, solidifying its position as a leader in AI-driven drug development.
Funding and strategic partnerships
The funding round was led by Kinnevik AB and FPV, with contributions from notable investors including Baillie Gifford, Lux Capital, and Premji Invest.
This brings Enveda’s total funding to US $360 million, following earlier investments, including US $55 million raised in June 2024 with participation from Microsoft.
“This funding will help us advance multiple candidates to exciting clinical catalysts in the next year,” said founder and CEO Viswa Colluru.
“We developed our platform to rapidly expand access to nature’s chemistry to find therapeutics at roughly four times the speed, and it’s already delivering results.”
AI’s growing influence in pharma
Enveda joins the ranks of companies like Insilico Medicine and Exscientia in leveraging AI to transform drug discovery. Insilico recently advanced an AI-identified drug for idiopathic pulmonary fibrosis to Phase II clinical trials.
The use of AI in drug discovery is expected to grow rapidly, with pharmaceutical industry spending on AI platforms projected to rise from US $46.9 million in 2019 to over US $407 million by 2028, according to GlobalData.
