Enveda, a biotechnology company that leverages artificial intelligence to uncover new medicines derived from nature, has secured $311 million in Series E funding, achieving a $2 billion valuation. This latest round was spearheaded by Catalio Capital Management, with additional backing from Iconiq and other investors, effectively doubling the company's valuation from just one year prior.

The core concept driving Enveda is the belief that potent treatments can be sourced from plants and microorganisms instead of being artificially created in a laboratory. Viswa Colluru, who was an early staff member at Recursion Pharmaceuticals, established Enveda in 2019 with the goal of accelerating the identification of these novel drugs through AI and other advanced methods.

Although AI has not yet yielded any drugs approved by the FDA, Enveda is part of a group of companies pushing AI-discovered drug candidates into human trials. At present, the startup is evaluating multiple drugs in patients, such as one aimed at addressing serious skin disorders and another intended to assist in sustaining weight reduction following the discontinuation of GLP-1 medications.