Enveda, a company using artificial intelligence to boost nature-based drug discovery, is envisioning clinical success with a $130 million series C fundraising round.
The round was led by Kinnevik and FPV with other new and existing investors such as Dimension Capital, Lux Capital and The Nature Conservancy also taking part, the company said in a Nov. 21 release.
Enveda has 10 drug candidates currently in development, according to the release, and sent its lead candidate ENV-294 into a phase 1 trial for atopic dermatitis and other inflammatory conditions at the end of October.
The Boulder, Colorado-based biotech plans to use the raise to usher more drugs into the clinic in 2025 and 2026, according to the release.
“We developed our platform to rapidly expand access to nature’s chemistry to find therapeutics at roughly four times the speed–and it’s already delivering results in the form of a deep and differentiated pipeline,” Enveda founder and CEO Viswa Colluru, Ph.D., said in the release. “This funding will help us advance multiple candidates to exciting clinical catalysts in the next year, confirming our guiding vision that life’s chemistry is an excellent source for new medicines.”
Enveda’s platform characterizes the structures and functions of chemicals derived from nature and screens them for potential therapeutic use.
The company was one of the first three biotechs backed by Dimension, a VC firm launched in January 2023 with an oversubscribed fund of $350 million. The firm was co-founded by Nan Li from Obvious Ventures along with Adam Goulburn, Ph.D., and Zavain Dar from Lux Capital.