Enveda has closed a $311 million Series E financing, bringing its total capital raised since inception to more than $845 million. The clinical-stage biotechnology company plans to use the proceeds to advance medicines discovered through PRISM, its AI-native platform for identifying biologically active molecules found in nature.
The financing follows positive early clinical readouts in 2026 for ENV-294, being developed for atopic dermatitis and asthma, and ENV-308, a metabolic health candidate. Enveda will advance both into later-stage trials and additional indications, while progressing ENV-6946 through mid-phase studies and moving further inflammatory and metabolic programs into clinical trials.
Enveda's PRISM foundation model analyzes chemistry found in plants, microbes and the human body. It predicts molecular structures from mass spectrometry data, guides laboratory experiments and ranks molecules according to therapeutic potential. Enveda's chemists subsequently refine selected candidates into oral medicines.
Since 2019, the approach has generated 17 development candidates, including three currently in human trials.
ENV-294 is a once-daily oral candidate targeting overactive immune cells. In a Phase 1b study, Enveda reported an average 85% improvement in eczema severity after 42 days, with no serious side effects. Phase 2 trials are underway.
ENV-308 is inspired by a molecule naturally released during intense exercise and is being developed to support weight-loss maintenance and metabolic health after patients discontinue GLP-1 medicines. It was evaluated in 88 healthy volunteers, with the study also showing reductions in circulating leptin. ENV-6946, meanwhile, is an oral inflammatory bowel disease candidate targeting multiple inflammatory pathways and is currently in Phase 1.
"The pharmaceutical industry has given the world extraordinary medicines, and it has done so at a cost that keeps rising," said Viswa Colluru, Ph.D., 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."
The company will also use the financing to scale PRISM and its automated laboratory infrastructure while expanding its clinical development capabilities.
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