Enveda Biosciences Secures $55M in Latest Funding Round to Revolutionize Drug Discovery

Enveda Biosciences, a biotech firm utilizing AI to convert natural substances into novel medications, has secured an additional $55 million in financing, bringing their combined Series B and B1 funding to $119 million. The funding round saw participation from new investors such as Premji Invest, Lingotto Investment Fund, Microsoft, and The Nature Conservancy, along with existing investors Kinnevik, True Ventures, FPV, Level Ventures, and Jazz Venture Partners.Enveda’s proprietary platform addresses the traditional challenges in natural product drug discovery, such as identifying active molecules, prioritizing their properties and structures, ensuring compatibility with medicinal chemistry, and accessing materials on a large scale.

The new funding will support the continued development of Enveda’s platform, which recently resulted in the nomination of a sixth New Chemical Entity (NCE) Development Candidate. It will also fund the parallel Phase I clinical development of Enveda’s top three lead programs, which are scheduled to begin clinical trials in late 2024 and early 2025.

Enveda’s leading program for atopic dermatitis features a novel, first-in-class oral anti-inflammatory agent that has shown exceptional efficacy and high safety margins in preclinical studies. Following closely is another innovative first-in-class anti-inflammatory agent that targets multiple cytokines signaling pathways in the gut, demonstrating strong efficacy in models of inflammatory bowel disease.

Viswa Colluru, CEO and Founder of Enveda, “The investors who joined in this round recognize our rapid progress, as well as our expansive potential and vision. In combination with our deep bench of top tier investors, we are in an ideal position to advance our novel medicines into the clinic and to bring hope to waiting patients.”