September 23, 2026
AI moves natural molecules into trials: Enveda raises $311 million
Enveda raised $311 million on September 23, 2026, reaching a $2 billion valuation, twice as high as 12 months ago. The round was led by Catalio Capital Management. The company has raised more than $845 million in total.
12 months ago, TechCrunch valued Enveda at $1 billion. The company will now direct the money toward late-stage development of ENV-294 and ENV-308, mid-stage development of ENV-6946, new trials, and the automated PRISM lab.
PRISM searches for molecules in plants, microbes, and the human body, reconstructs their structure from mass spectrometry data, and ranks them by therapeutic potential. Since 2019, Enveda's approach has produced 17 drug candidates, three of which are already in human trials.
Early data. Enveda says ENV-294 for eczema reduced disease severity by an average of 85% over 42 days in Phase 1b, and Phase 2 is already underway. ENV-308, a daily pill for maintaining weight after GLP-1 discontinuation, was given to 88 healthy volunteers in Phase 1. All three candidates are still under investigation and have not been approved by regulators.
Phase 2 for ENV-308 should test whether the drug maintains weight loss and metabolic markers after GLP-1 discontinuation.
