Enveda raises $311 million to advance AI-assisted drug candidates

Enveda has raised $311 million in Series E financing at a $2 billion valuation as it moves drug candidates found through its AI-assisted search of natural compounds into human testing. Catalio Capital Management led the round, with Iconiq among the participants. Enveda plans to fund later-stage work on existing clinical candidates and bring more treatments for inflammatory and metabolic conditions into trials. Its ENV-308 candidate is designed to help people maintain weight after stopping GLP-1 treatments. Enveda reported positive Phase 1 results for that candidate in August; further studies are planned.