Enveda Raises $311M Series E at $2B Valuation to Advance AI-Derived Natural Drugs

Biotech startup Enveda has raised $311 million in a Series E round led by Catalio Capital Management, doubling its valuation to $2 billion from 12 months earlier. Iconiq and other investors participated. Enveda uses artificial intelligence to discover drugs from plants and microbes rather than synthesizing them in a lab. Founded in 2019 by Viswa Colluru, a former early employee of Recursion Pharmaceuticals, the company aims to accelerate natural-product drug discovery. The startup is among a wave of companies advancing AI-discovered candidates into human clinical trials, though no AI-derived drug has yet received FDA approval. Enveda is currently testing several drugs in patients, including one for severe skin conditions and another designed to sustain weight loss after patients stop taking GLP-1 medications.