Enveda raises $311 million series E to push AI-found drugs into later trials

Enveda Biosciences, a Colorado-based company that uses AI to find drug candidates in plants and microbes, raised $311 million in a series E round on 23 September 2026 ¹². The round was led by Catalio Capital Management and included 16 other backers, among them Surveyor Capital, T. Rowe Price, Lux Capital and a sovereign wealth fund ².

What the money is for

Enveda's system identifies molecules in living organisms, predicts their structure and function, and ranks them by drug potential before its chemists turn the most promising into drug prospects ². The company will use the series E to move ENV-294 and ENV-308 into later-stage trials and additional indications, and to take ENV-6946 through mid-stage studies ¹. Some of the proceeds will go to refining its AI drug discovery engine, PRISM, and bringing more candidates into the clinic ³.

ENV-294 is an oral small molecule for atopic dermatitis. Phase 1b data posted in July linked it to a mean 68% reduction in eczema area and severity by Day 28, deepening to 85% by Day 42 ¹. Enveda is running phase 2a trials in atopic dermatitis and asthma ¹. BioPharma Dive described the earlier trial as small and early ².

ENV-308 is designed to replicate the effects of N-lactoyl-phenylalanine, a hormone released after exercise, as a daily oral drug ¹. Enveda has shared phase 1 data in healthy volunteers and is testing whether it can help people keep weight off after stopping GLP-1 drugs ¹. ENV-6946, for inflammatory bowel disease, is in phase 1 ¹.

The series E follows a $130 million series C in November 2024 and a $150 million series D in September 2025 ¹. Pharmaphorum reported that the new round takes Enveda's total raised to over $845 million ³.

What it means for the market

BioPharma Dive reported that the sum rivals totals secured in some of the sector's larger initial public offerings this year ². Pharmaphorum reported it on the same day as a $140 million series C for Basecamp Research, a London-based AI drug discovery company, and said the two rounds reveal that investor appetite for the category “remains strong” ³.

Basecamp Research will use its funds to expand its EDEN foundation models, which combine genomic data from millions of species with therapeutic design, and to move its preclinical pipeline towards the clinic, starting with an in vivo cell therapy ³. Its round was led by S32 and included Anthropic's Anthology Fund, NVIDIA, Catalio Capital Management and the NATO Innovation Fund ³. Catalio backed both companies ³.

For pharma partners, Enveda's stated model is to partner each drug when its value is right. Chief executive Viswa Colluru said in June that the aim was to “strategically partner each of these at the time when the value inflection is right” ². In the financing statement, Colluru said the company wants to carry medicines “from discovery through late-stage development, and do it faster and at lower cost than the industry has come to accept” ¹. The sources give no figures yet that test that claim on cost or speed.

Caveats

All three Enveda candidates are in early or mid-stage testing ¹². The ENV-294 figures come from a phase 1b study, and the ENV-308 data come from healthy volunteers ¹. Basecamp Research's drugs are still preclinical ³.

The next readouts will come from the phase 2a trials of ENV-294 in atopic dermatitis and asthma ¹.