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Funding
Enveda Biosciences raises USD 55 million in Series B-2 funding to bolster pipeline
AI Drug Discovery
Jun 14, 2024
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AI Drug Discovery

AI Drug Discovery

Jun 14, 2024

Enveda Biosciences raises USD 55 million in Series B-2 funding to bolster pipeline

Funding

  • AI-powered biotechnology company Enveda Biosciences has secured USD 55 million in a Series B2 funding round; Series B-1 in April 2023 raised USD 51 million. The round saw participation from new investors including Premji Invest, Lingotto Investment Fund, Microsoft, and The Nature Conservancy, as well as existing investors like Kinnevik and True Ventures.

  • The company intends to use the procured funds to develop its novel AI-powered platform further and to commence Phase I clinical trials for its three lead programs in late 2024 and early 2025.

  • The Colorado-based company develops novel therapeutics based on plants and natural chemistry to treat various diseases, including Wilson’s Disease, NASH, and Parkinson’s disease. Enveda’s proprietary platform, powered by machine learning and metabolomics, acts as a search engine to discover and identify novel drug candidates.

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