AI biotechnology company Enveda Biosciences has raised USD 51 million in an oversubscribed Series B1 funding round, bringing the total Series B funds to USD 119 million (the previous Series A round closed in December 2022 ). The latest round was led by Kinnevik, with participation from existing investors FPV, True Ventures, and Dimension, among others.
The Colorado-based company develops novel therapeutics based on plants and nature chemistry to treat a variety of diseases including Wilson’s Disease, NASH, and Parkinson’s disease. Enveda’s proprietary platform, which is powered by machine learning and metabolomics, acts as a search engine to discover and identify novel drug candidates.
The fresh funds will be directed toward advancing the company’s molecules into the clinic in 2023 and 2024.
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