Clinical-stage biotechnology company Enveda has raised $311 million in a Series E financing, giving the AI-driven drug developer fresh capital to push multiple medicines deeper into clinical trials and scale its drug-discovery platform.

 

The financing was led by Catalio Capital Management and includes new investments from Durable Capital Partners, ICONIQ, Lightspeed, Surveyor Capital (a Citadel company), accounts advised by T. Rowe Price Investment Management, Digitalis Ventures, a notable Sovereign Wealth Fund, and Alderline Group.

 

Existing investors Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital and Lux Capital also participated.

 

The latest round takes Enveda’s total capital raised since its founding to more than $845 million. George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management, has joined Enveda’s Board of Directors as part of the financing.

 

The fundraise comes after two positive early clinical readouts in 2026, including results in atopic dermatitis and metabolic health, from medicines discovered using Enveda’s AI-powered PRISM platform.

 

"The pharmaceutical industry has given the world extraordinary medicines, and it has done so at a cost that keeps rising," said Viswa Colluru, Founder and CEO of Enveda. 

 

"We started Enveda on a different premise: the most reliable source of new medicines is the chemistry that living things have been refining for billions of years, and AI finally lets us read it. Two novel molecules from that approach have now shown their early potential in people. 

 

'This financing lets us build the company those results deserve, one that can carry its own medicines from discovery through late-stage development, and do it faster and at lower cost than the industry has come to accept. Just as importantly, we have brought together a syndicate of investors whose conviction validates both the strength of our platform and our belief that there is a fundamentally better way to discover and develop medicines."

 

Enveda said the new capital will be used to move ENV-294 and ENV-308 into later-stage trials and additional indications, with new studies expected to start in the coming months.

 

The company also plans to advance ENV-6946 through mid-phase trials, bring additional drug candidates into clinical testing for inflammatory and metabolic diseases, and continue expanding PRISM and the automated laboratory that supplies it with data.

 

Enveda’s strategy centers on using AI to identify potentially useful compounds in the chemistry produced by living organisms, which the company says remains a largely untapped source of drug candidates.

 

The financing brings together investors with backgrounds spanning biotechnology, healthcare and technology.

 

"Enveda is exactly the kind of business we look for at Catalio — a full-stack, AI-enabled platform spanning from discovery all the way to the clinic," said George Petrocheilos, Co-Founder and Managing Partner of Catalio Capital Management. 

 

"We think their three ongoing clinical trials, with two already showing therapeutic benefit, validate the platform and prove that Enveda has a repeatable pipeline for creating new medicines. We are proud to lead this round and join the Board."

 

Among the investors participating are healthcare-focused firms including Catalio, T. Rowe Price Investment Management’s biotechnology team and Surveyor Capital, alongside technology investors Durable Capital Partners, ICONIQ and Lightspeed.

 

The investment underscores Enveda’s push to position itself as an AI-native drug developer capable of taking internally discovered compounds from early discovery into clinical development.

 

"Enveda's insight that evolution has already run the largest drug discovery program in history and that the results are now readable with the right AI is the kind of idea we viewed as having platform potential," said Alex Gorsky, General Partner at ICONIQ, Co-founder of Alderline Group, and former Chief Executive Officer of Johnson & Johnson. 

 

"The rate of pipeline progression and early clinical data suggest this approach is working, and we believe this could represent an important milestone for patients and more broadly in healthcare."