Enveda, a biotech company at the forefront of developing innovative small-molecule drugs from natural sources, has announced significant advancements in its journey. The company has completed an oversubscribed $150 million Series D financing round, initiated its first Phase 1b clinical trial for its lead program ENV-294 targeting atopic dermatitis, and appointed Dr. Mikael Dolsten, former Chief Scientific Officer at Pfizer, to its Board of Directors.

Led by Premji Invest, the funding round saw participation from both new and existing investors, including Baillie Gifford, Kinnevik, and Lux Capital. The recent funding follows a $150 million Series C round completed in February, bringing Enveda's total funding to $517 million.

In a mere five years since its inception, Enveda has evolved from a seed-stage company to one of the most rapidly expanding techbio firms, establishing a unique pipeline of small molecules from discovery through clinical stages. This growth is largely attributed to its proprietary chemical sequencer, which utilizes machine learning and metabolomics to decode complex chemistry found in living systems.

“Enveda is proving that it’s possible to generate novel and first-in-class small molecule therapeutics at an unprecedented speed, scale, and efficiency,” stated Akshay Rai, Principal at Premji Invest. “We believe there is a large unexplored search space for novel medicines, and Enveda has built the platform to translate life’s chemistry into treatments that could be transformative for millions of patients across the globe. This team is turning breakthrough science into medicines at a pace that is exceptionally rare, and are on their way to building what could be an industry-defining company.”

The Series D funding will facilitate the progression of multiple clinical trials into Phase 1b and Phase 2 stages, addressing conditions that impact over 100 million adults in the U.S. Additionally, it will support new Investigational New Drug (IND) filings in the near future, positioning Enveda to achieve critical milestones in treating atopic dermatitis, asthma, inflammatory bowel disease, obesity, and more.

Enveda's innovative approach highlights the untapped potential of nature's chemical diversity. Although nearly half of all oral medications are derived from natural compounds, it is estimated that 99% of these compounds remain unexplored due to the challenges in isolating and characterizing them. Enveda has developed one of the largest natural sample collections, making its chemistry searchable through AI that analyzes thousands of molecules simultaneously, coupled with a fully automated high-throughput lab.

“At Enveda, we are learning from life’s chemical code,” said Viswa Colluru, Founder and CEO of Enveda. “Nature has been running the most sophisticated R&D program on Earth for billions of years, yet nearly all of its chemistry remains unexplored. By making this hidden language searchable and pairing it with AI, automation, and metabolomics, we are transforming how medicines are discovered. We’re building a generational company that changes the way the world understands and uses life’s chemistry, to deliver breakthroughs that can redefine medicine and transform industries.”

Currently, Enveda boasts sixteen preclinical programs, over a dozen development candidates, four IND-enabling programs, and one active clinical program, all accomplished in a timeframe significantly shorter than the industry average of seven years to reach Phase 1 trials.

ENV-294, Enveda's lead candidate, is an innovative oral anti-inflammatory small molecule derived from natural sources, showcasing a novel mechanism of action. It has shown preclinical efficacy comparable to kinase inhibitors and steroids in inflammatory models, with a safety profile akin to biologics. The Phase 1b trial will follow successful Phase 1a results in healthy volunteers, where ENV-294 exhibited favorable safety and tolerability without dose-limiting toxicities or serious adverse events.

Dr. Mikael Dolsten, who has overseen the advancement of over 150 drug candidates during his tenure at Pfizer, has joined Enveda’s Board of Directors. “I’m proud to join Enveda, where the team has built the technology to harness the potential of life’s chemistry at scale,” remarked Dolsten.

Enveda is dedicated to accelerating the discovery of new medicines by leveraging AI and exploring the vast chemical diversity of nature. The company aims to transform the medical landscape and address pressing health challenges through its innovative approach.