Enveda secures $311M to advance nature-derived AI drugs into trials

Enveda Biosciences just pulled in $311 million in Series E funding, valuing the company at roughly $2 billion. The round, led by Catalio Capital Management and backed by names like T. Rowe Price and ICONIQ, brings Enveda’s total capital raised past $845 million since the company was founded.

What Enveda actually does

The core idea is deceptively simple. Plants, fungi, and other organisms have spent billions of years evolving molecules to solve biological problems, things like fighting off infections or reducing inflammation. Humans have been borrowing those solutions since the dawn of medicine. Aspirin came from willow bark. Penicillin came from mold. About a third of all FDA-approved drugs trace their origins to natural products.

Enveda’s answer is PRISM, a proprietary AI platform that maps the chemical diversity of natural compounds and identifies which ones might work as drugs. The platform has produced 17 development candidates to date, with three currently in human trials.

Three drugs, three big markets

The $311 million is earmarked for advancing Enveda’s three lead programs. First up is ENV-294, which targets atopic dermatitis and asthma. The drug posted positive Phase 1b data in 2026 and has moved into Phase 2a trials. Then there’s ENV-308, aimed at metabolic health and specifically at preserving weight loss after patients stop taking GLP-1 drugs like Ozempic and Wegovy. The third candidate, ENV-6946, is in mid-stage development for inflammatory bowel disease.

Why investors are paying attention

Catalio Capital Management led the financing, with participation from T. Rowe Price and ICONIQ. Recent positive early clinical outcomes for lead candidates ENV-294 and ENV-308 contributed to the urgency of this financing round. Enveda’s previous funding included a significant $150 million Series D round in 2025 that elevated its valuation past the billion-dollar mark.