Enveda Biosciences, a Colorado-based biotech company that leverages the power of AI to develop new plant-based medicines, has secured $55M in a series B2 financing round to advance its breakthrough AI-powered drug discovery platform.
The latest funding round was spearheaded by new investors Premji Invest and Lingotto Investment Fund, with participation from Microsoft and The Nature Conservancy, alongside initial investors True Ventures, FPV, Level Ventures, and Kinnevik.
Founded in 2019 by Viswa Colluru, Ph.D., the company has raised a cumulative $119 million in Series B and B1 funding, with the closing of the B2 funding round boosting the total capital raised to date to $230 million.
Enveda Biosciences AI-powered Drug Discovery Platform
Enveda Biosciences AI-powered drug discovery and development platform has played a crucial role in thrusting the company forward by transforming plant-derived materials into new medicines at scale, a feat never before achieved in plant-based drug development.
Enveda’s platform addresses the long-standing challenges in natural product drug discovery, including active molecule identification, amenability to medicinal chemistry, structure and property prioritization, as well as access to materials at scale.
The proprietary platform recently led to Enveda’s selection of a sixth New Chemical Entity (NCE) Development Candidate and Phase I clinical development of the company’s top 3 lead programs slated for clinical trials later this year and in early 2025.
Enveda has also achieved remarkable success in its lead program, which focuses on the development of effective medication for dermatitis.
Under the program, the company has developed a novel oral first-in-class anti-inflammatory agent that has achieved remarkable efficacy with impressive safety margins in preclinical studies, raising the prospects of success in the coming clinical studies.
