Enveda, a clinical-stage biotechnology company that uses AI to discover medicines from life’s chemistry, today announced the close of a $311 million Series E financing led by Catalio Capital Management, with new investment from Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital (a Citadel company), accounts advised by T. Rowe Price Investment Management, Digitalis Ventures, a notable Sovereign Wealth Fund, and Alderline Group alongside existing investors Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital, and Lux Capital. In connection with the financing, George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management, has joined Enveda’s Board of Directors. The round follows two positive early clinical readouts in 2026, in atopic dermatitis and in metabolic health, for medicines Enveda discovered with PRISM, and brings the company’s total capital raised since inception to more than $845 million, enabling the company to advance multiple programs through the clinic and execute on the next stage of its pipeline and platform growth.

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Viswa Colluru, Enveda Founder & CEO

Viswa Colluru, Enveda Founder & CEO

What the capital will do

Enveda will use the proceeds to advance ENV-294 and ENV-308 into later-stage trials and additional indications, with new trials expected to begin in the coming months; to advance ENV-6946 through mid-phase trials; to bring additional medicines into clinical trials, including for other inflammatory and metabolic conditions; and to continue scaling PRISM and the automated laboratory that feeds it. The company is scaling its platform and pipeline behind a single conviction: that the most exciting chemistry for transformative medicines remains undiscovered, and that the tools to find it now exist.

“The pharmaceutical industry has given the world extraordinary medicines, and it has done so at a cost that keeps rising,” said Viswa Colluru, Ph.D., Founder and CEO of Enveda. “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. Two novel molecules from that approach have now shown their early potential in people. This financing lets us build the company those results deserve, one that can carry its own medicines from discovery through late-stage development, and do it faster and at lower cost than the industry has come to accept. Just as importantly, we have brought together a syndicate of investors whose conviction validates both the strength of our platform and our belief that there is a fundamentally better way to discover and develop medicines.”

Investors spanning technology and biotech

The round unites investors who have historically backed transformative companies across technology and healthcare. Catalio Capital Management, the round’s lead, together with T. Rowe Price Investment Management’s biotechnology team and Surveyor Capital (a Citadel company), are among the most experienced healthcare investors. Durable Capital Partners, ICONIQ, and Lightspeed have backed category-defining technology companies through the internet and AI eras, at inflection points where those companies scaled. The syndicate speaks to Enveda’s progress as an AI-native drug developer, with clinical results and a technology platform that produces compounds.

“Enveda is exactly the kind of business we look for at Catalio — a full-stack, AI-enabled platform spanning from discovery all the way to the clinic,” said George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management. “We think their three ongoing clinical trials, with two already showing therapeutic benefit, validate the platform and prove that Enveda has a repeatable pipeline for creating new medicines. We are proud to lead this round and join the Board.”

“Enveda’s insight that evolution has already run the largest drug discovery program in history and that the results are now readable with the right AI is the kind of idea we viewed as having platform potential,” said Alex Gorsky, General Partner at ICONIQ, Co-founder of Alderline Group, and former Chief Executive Officer of Johnson & Johnson. “The rate of pipeline progression and early clinical data suggest this approach is working, and we believe this could represent an important milestone for patients and more broadly in healthcare.”

A different way to find medicines

Enveda was founded on the premise that the best medicines come not from a chemist’s imagination but from the chemistry that living things have been refining for billions of years. Nearly half of all oral medicines originate from molecules found in nature, yet an estimated 99% of nature’s chemical diversity has never been examined because isolating, identifying, and testing individual compounds from living organisms has historically been slow and expensive [1]. Enveda’s thesis is that this unexplored chemistry is the largest untapped source of new medicines in the world, and that AI can now read it. The industry has become extraordinarily good at developing medicines once it has the right molecule, and increasingly expensive at finding that molecule in the first place [2,3].

Enveda’s platform is built around PRISM, a proprietary AI foundation model trained on the chemistry of living organisms. Rather than designing molecules from scratch, PRISM identifies molecules that already exist in plants, microbes, and the human body, predicts their structures from mass spectrometry data, guides laboratory experiments to reveal their functions, and ranks them by therapeutic potential. Enveda’s chemists then refine the most promising candidates into oral medicines with drug-like properties. Because these starting points were shaped by evolution to act on living systems, the company’s bet is that they carry a lower risk of toxicity and poor bioavailability than many synthetic molecules in development.

Since 2019, this approach has produced 17 development candidates, three of which are now in human trials, each with a new, first-in-class mechanism targeting large, underserved populations affected by our most common diseases.

Three oral medicines in the clinic, two with clinical results in 2026

ENV-294 is a once-daily treatment for eczema and asthma that helps calm overactive immune cells. In a Phase 1b study, eczema severity improved by an average of 85% after 42 days, with no serious side effects. Phase 2 trials are underway, and additional data will be presented at the European Academy of Dermatology and Venereology Congress on October 1, 2026 [4,5]. ENV-308 is inspired by a natural molecule the body releases during intense exercise and is being developed to help people maintain weight loss and metabolic health after stopping GLP-1 medicines. It was well tolerated in 88 healthy volunteers, with an exceptional gastrointestinal side-effect profile, notable because gastrointestinal effects are among the most common reasons people stop GLP-1 medicines. The trial also showed that ENV-308 lowers circulating leptin, the hormone fat cells use to signal how much energy the body has stored, an early sign that the drug reaches the biology seen in animal studies relevant to metabolic disease [6]. ENV-6946 is an oral treatment for inflammatory bowel disease that targets multiple inflammatory pathways at once and is now in Phase 1 [7].

Building the development organization to match

Over the past year, Enveda has assembled a clinical development leadership team drawn from companies that have taken first-in-class medicines through late-stage trials and to market. Nadeem Sarwar, Ph.D., Global Head of Metabolic Strategy and Disease Prevention, joined from Novo Nordisk, where he served as Senior Vice President and led the Translational Prevention Unit. Michael Charlton, M.D., joined from Madrigal Pharmaceuticals, where he was Head of Clinical Development, and Doug Maslin joined from LEO Pharma, where he led Global Medical Affairs. Enveda has also applied its AI capabilities to its own operations, including manufacturing, quality, and clinical trial operations.

About Enveda

Enveda is a biotechnology company that learns from life’s chemistry to create better medicines faster. Enveda uses AI-powered tools to identify and characterize molecules produced by living organisms, the vast majority of which have never been explored by science, creating a database of chemical biodiversity: the library of life. By growing, organizing, translating, and searching this unique library, Enveda learns from life’s evolved solutions to address today’s most pressing medical needs. For more information, visit enveda.com.

Forward-looking statements

This press release contains forward-looking statements, including statements regarding the intended use of proceeds from the financing, the potential safety and therapeutic benefits of ENV-294, ENV-308, ENV-6946, and other pipeline candidates, the anticipated timing of clinical trials and regulatory filings, and the company’s strategy and growth. These statements are based on management’s current expectations and are subject to substantial risks and uncertainties that could cause actual results to differ materially. These risks include the inherent uncertainties of clinical development, the risk that early or preclinical data may not predict later clinical results, regulatory review processes, and the company’s ability to obtain additional financing. ENV-294, ENV-308, and ENV-6946 are investigational agents and are not approved for use by any regulatory authority. Enveda undertakes no obligation to update these statements.

References

  1. Newman DJ, Cragg GM. Natural products as sources of new drugs over the nearly four decades from 01/1981 to 09/2019. J Nat Prod. 2020;83(3):770-803. doi:10.1021/acs.jnatprod.9b01285

  2. Wouters OJ, McKee M, Luyten J. Estimated research and development investment needed to bring a new medicine to market, 2009-2018. JAMA. 2020;323(9):844-853. doi:10.1001/jama.2020.1166

  3. Wong CH, Siah KW, Lo AW. Estimation of clinical trial success rates and related parameters. Biostatistics. 2019;20(2):273-286. doi:10.1093/biostatistics/kxx069

  4. Enveda. ENV-294 Phase 1b results, March 31, 2026. businesswire.com

  5. Enveda. ENV-294 AAD Innovation Academy presentation and EADV acceptance, July 24, 2026. biospace.com

  6. Enveda. ENV-308 Phase 1 results, August 18, 2026. enveda.com/news/308-phase1

  7. Enveda. ENV-6946 IND clearance and Phase 1 initiation, December 23, 2025. enveda.com/press

 

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