Enveda Biosciences Secures $55M to Boost Platform, Advance Candidates to Trials

Enveda Biosciences, a biotechnology company based in Boulder, Colorado, has announced a new financing round of $55 million. This recent injection of funds brings the total capital raised by Enveda to $230 million, including its combined Series B and B1 rounds totaling $119 million. The latest round saw participation from new investors such as Premji Invest, Lingotto Investment Fund, Microsoft, and The Nature Conservancy. Existing investors Kinnevik, True Ventures, FPV, Level Ventures, and Jazz Venture Partners also contributed.

Specializing in drug discovery and development, Enveda leverages advanced AI-powered technologies to harness nature's potential for medicinal purposes. The company's proprietary platform addresses significant challenges in natural product drug discovery, such as identifying active molecules, prioritizing their properties and structures, assessing their suitability for medicinal chemistry, and accessing large-scale material.

The newly acquired funds will be directed towards further enhancing Enveda's innovative platform. This platform has already resulted in the nomination of a sixth New Chemical Entity (NCE) Development Candidate. Additionally, Enveda is preparing for Phase I clinical development of its top three lead programs, which are expected to begin trials in late 2024 and early 2025. Among these lead programs is a groundbreaking oral anti-inflammatory agent for treating atopic dermatitis, which has shown significant efficacy and safety in preclinical trials. Another promising candidate is an anti-inflammatory agent targeting multiple cytokine signaling pathways in the gut, aimed at treating inflammatory bowel disease.

Sandesh Patnam, Managing Partner at Premji Invest, expressed enthusiasm about Enveda's potential to create new, safe, and effective treatments for complex health conditions. Patnam highlighted the company's significant strides in developing a platform that leverages the diversity in natural chemistry to discover novel therapeutics. He emphasized the potential impact of Enveda's discoveries on millions of patients worldwide.

Morgan Samet, Partner and Co-Head at Lingotto Investment Management, also voiced support for Enveda. Samet praised the company's long-term growth potential and the broad applicability of its technology in addressing some of the most challenging issues in human and planetary health. Samet specifically commended Viswa Colluru, Ph.D., the CEO and Founder of Enveda, for his resourcefulness, determination, and vision.

Viswa Colluru acknowledged the confidence shown by the investors in Enveda's rapid progress and expansive vision. He noted that the company is now well-positioned to advance its novel medicines into clinical trials, aiming to bring hope to patients in need.

Founded in 2019, Enveda Biosciences is dedicated to exploring and utilizing the chemical diversity inherent in life. The company employs AI-powered tools to identify and characterize a wide array of molecules produced by living organisms, many of which remain unexplored by science. Enveda is building a comprehensive database of chemical biodiversity, referred to as the library of life. By organizing and analyzing this unique library, Enveda seeks to learn from nature's evolved solutions to address contemporary clinical challenges.