Enveda Biosciences secures $55m to advance AI-driven drug discovery
Enveda Biosciences, a leader in utilizing artificial intelligence (AI) to convert nature’s chemistry into groundbreaking medicines, has successfully raised an additional $55 million. This funding round is an addition to a previously raised $119 million combined in Series B and B1, bringing significant new investors on board, including Premji Invest, Lingotto Investment Fund, Microsoft, and The Nature Conservancy, alongside returning investors like Kinnevik and True Ventures.
The new capital infusion will support the further development of Enveda’s cutting-edge platform, which has already led to the nomination of a sixth New Chemical Entity (NCE) Development Candidate. Additionally, it will fund the Phase I clinical development of Enveda’s top three lead programs, expected to enter clinical trials by late 2024 and early 2025. Among these, the lead program for atopic dermatitis showcases a novel oral anti-inflammatory agent with high efficacy and safety margins noted in preclinical studies.
Enveda Biosciences raises $55 million to accelerate its AI-powered platform for drug discovery, aiming to bring revolutionary treatments from nature to the clinic.
Investors have expressed strong confidence in Enveda’s approach and potential. Sandesh Patnam, Managing Partner at Premji Invest, noted the company’s ability to blend AI with life sciences to craft new, safe, and effective treatments. “Enveda has made significant progress in creating a platform that learns from the diversity in natural chemistry,” Patnam stated, highlighting the company’s innovative edge in a competitive field.
Morgan Samet, Partner and Co-Head of Lingotto Investment Management, also praised Enveda’s vision and the broad utility of its technology in addressing critical health and planetary challenges. Enveda’s CEO, Viswa Colluru, Ph.D., remarked on the rapid progress and expansive potential of their technology to transform drug discovery and patient care.
The funding rounds total Enveda’s capital raised to $230 million since its inception in 2019. With a robust AI-powered toolkit, Enveda is pioneering the exploration of chemical biodiversity, creating a comprehensive database — the library of life — to innovate solutions for today’s urgent medical needs.