AI Drugmaker Enveda Raises $311 Million, Has 3 Drugs in Clinical Trials

Enveda Biosciences, a U.S. company that uses artificial intelligence (AI) to discover drug candidates in plants and microbes, has raised $311 million (about 416.7 billion won).

According to BioPharma Dive on the 23rd local time, Colorado-based Enveda announced that it raised $311 million in a Series E round. The investment was led by Catalio Capital Management, with 16 institutions participating, including Surveyor Capital, T. Rowe Price and Lux Capital.

Enveda plans to use the funds to develop clinical-stage drugs. Three candidates are currently in human clinical trials.

Enveda uses AI to find molecules in living organisms, including plants and microbes, predict their structures and functions, and select molecules in order of their potential as drugs. Chemists then develop promising molecules into drug candidates. Biswajit Kouluru, Enveda’s CEO, told BioPharma Dive in June that the company was “already evaluating 17 programs.”

Earlier this year, Enveda released Phase 1 data for two AI-designed drugs targeting atopic dermatitis and obesity. One of them, the “molecular glue” ENV-294, showed potential to relieve eczema symptoms in a small early-stage trial. CEO Kouluru said the drug could help patients who do not respond to existing treatments such as Dupixent. Phase 2 trials for eczema and asthma are also underway.

Another drug, ENV-308, was described as “a pill designed around the chemistry of exercise.” The candidate mimics the hormone “Lac-Phe,” which is released in the body after exercise or eating, and showed a favorable safety profile in early testing. Enveda plans to test whether ENV-308 can help maintain weight loss after patients stop taking GLP-1 drugs.

The third drug, ENV-6949, targets the TL1A pathway, which is attracting attention as a new approach to treating inflammatory bowel disease.

In June, CEO Kouluru said, “We will advance multiple drugs into clinical trials and strategically partner when the timing aligns with a value inflection point, securing both validation and capital.”

Before this funding round, Enveda had secured more than $530 million in venture funding and closed a $150 million Series D round in 2025.