Enveda Closes $130M Series C Funding to Deliver Multiple Clinical Readouts from a Pipeline of 10 Development Candidates
Kinnevik, FPV, Premji Invest, Lingotto Innovation, and Baillie Gifford back leading biotech applying ML, metabolomics, and automated laboratory workflows to deliver candidate medicines 4X faster than industry average
Enveda pipeline consists of multiple first-in-class and best-in-class programs across Immunology & Inflammation, Obesity, Fibrosis, and Neurosensory indications
November 21, 2024 10:00 AM Eastern Standard Time
BOULDER, Colo.–(BUSINESS WIRE)–Enveda, a biotechnology company using AI to translate nature into new medicines, announced today an oversubscribed $130 million Series C funding round led by Kinnevik and FPV with participation from new and existing investors Baillie Gifford, Premji Invest, Lingotto Innovation, Lux Capital, Dimension Capital, True Ventures, Cresset Partners, The Nature Conservancy, and Henry R. Kravis. This brings the company’s total funding to $360 million.
“Their use of machine learning to decode billions of years of evolutionary intelligence has resulted in a deep pipeline that puts Enveda at the cutting edge of drug discovery.”Post this
The new funding will enable Enveda to deliver clinical catalysts in 2025 and 2026 across multiple programs with strong commercial opportunities, continue advancing their deep pipeline of 10 Development Candidates and multiple discovery programs, and invest in their world-leading platform. This news comes on the heels of the company’s first clinical trial and announcement of a foundation model for metabolomics trained on the world’s largest collection of experimental mass spectra.
“Some of the world’s greatest pharmaceutical breakthroughs have been derived from just 0.1% of nature’s chemistry,” said Viswa Colluru, Founder and CEO of Enveda. “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. 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 has continually delivered on the promise of its platform with world-class execution, giving us great confidence in the team’s ability to achieve the full potential of their ambitious vision to sequence life’s chemistry for human and planetary health,” said Christian Scherrer, Senior Investment Director and Head of Health and Bio at Kinnevik.
“Enveda’s groundbreaking technology unites AI and nature to dramatically accelerate time to market and reduce costs while addressing some of the biggest health challenges today,” said Pegah Ebrahimi, Managing Partner at FPV. “Their use of machine learning to decode billions of years of evolutionary intelligence has resulted in a deep pipeline that puts Enveda at the cutting edge of drug discovery.”
James Anderson, CIO & Managing Partner of Lingotto Innovation Strategy said, “We believe that Enveda is an outstanding and potentially epoch defining company, at the intersection of biology and technology. I’ve been fortunate enough to be a long-term investor in several truly great companies over the last decades, from Amazon to Tesla to Tencent. I hope to see Enveda follow an equivalent path in essential efforts to improve the healthcare system.”
Enveda is pioneering a “sequencer” for life’s chemistry, an AI-powered platform that combines metabolomics data with machine learning and high-throughput biological experiments to answer two fundamental questions of any natural sample at scale: (1) What are the molecules?, and (2) What do they do? In just four years, Enveda’s platform has characterized the structure and function of over 1 million natural compounds, creating the largest known natural product dataset custom-built for modern drug discovery workflows. As a result, Enveda’s drug development teams can harness the billions of years of evolutionary intelligence encoded in nature’s chemistry at every stage of drug discovery and at scale, uncovering new mechanisms of action and delivering differentiated medicines faster than historically possible.
In October, Enveda received IND clearance from the U.S. Food and Drug Administration for ENV-294, a novel first-in-class oral anti-inflammatory agent targeting atopic dermatitis and other inflammatory conditions. ENV-294 subsequently entered Phase I clinical trials at the end of October as the first candidate discovered using the Enveda platform.
About Enveda
Enveda is a biotechnology company that is learning from life’s chemistry to create better medicines faster. Enveda uses AI-powered tools to identify and characterize a wide range of molecules produced by living organisms—the vast majority of which have never been explored by science—creating a database of chemical biodiversity: the library of life. By growing, organizing, translating, and searching this unique library, Enveda learns from life’s evolved solutions to address today’s pressing medical needs. For more information on Enveda, visit enveda.com.
Contacts
(c)2024 Business Wire, Inc., All rights reserved.