Enveda raises $311M at $2B valuation to advance AI-discovered drugs into clinical trials

Enveda, a biotech startup using AI to discover drugs from the natural world, has raised $311 million in a Series E round at a $2 billion valuation. Catalio Capital Management led the round, with participation from Iconiq and others. The new valuation is double what Enveda achieved in September 2025.

The company's approach is to find promising medicines from plants and microbes rather than synthesizing them from scratch in a lab. Viswa Colluru, an early employee of Recursion Pharmaceuticals, founded Enveda in 2019 to accelerate drug discovery using AI and other techniques.

While no AI-discovered drug has received FDA approval yet, Enveda is among the companies moving AI-discovered candidates into human clinical trials. It is currently testing several drugs in patients, including a candidate targeting severe skin conditions and another designed to help maintain weight loss after patients stop taking GLP-1 drugs.