Enveda Raises $311 Million Series E, Valuation Doubles to $2 Billion

Enveda, a clinical-stage biotechnology startup, closed a $311 million Series E financing round on September 23, 2026, doubling its valuation to about $2 billion. Catalio Capital Management led the round. New investors included Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital, accounts advised by T. Rowe Price Investment Management, Digitalis Ventures, a sovereign wealth fund, and Alderline Group. Existing backers Baillie Gifford, Premji Invest and Lux Capital also participated. Total capital raised since founding now exceeds $845 million. Proceeds will fund later-stage development of three clinical candidates and expand its AI drug-discovery platform. The Boulder, Colorado-based company uses its PRISM platform to predict molecular structures from mass spectrometry data and rank plant- and microbe-derived compounds. It has produced 17 drug candidates since 2019, three in human trials. ENV-294, for atopic dermatitis, reduced eczema severity by an average 85% after 42 days in a Phase 1b study. ENV-308 targets weight maintenance after GLP-1 discontinuation.