Enveda Raises $311 Million Series E, No Valuation Given

Enveda Biosciences raised $311 million in a Series E round led by Catalio Capital Management, the Boulder, Colorado, company said Wednesday, without disclosing what the round values the AI drug discovery startup at.

It is Enveda's third venture raise in less than two years: a $130 million Series C in November 2024, a $150 million Series D in September 2025, and now the Series E, a pace FierceBiotech described as an annual cycle of fundraising rather than a one-time event. Founder and chief executive Viswa Colluru said the company wants to become a household name within a decade, a timeline the new financing is meant to fund.

Who wrote the check, and who did not get named

Catalio's co-founder and managing partner, George Petrocheilos, joins Enveda's board as part of the round. New investors include Durable Capital Partners, ICONIQ, Surveyor Capital, a Citadel company, T. Rowe Price Investment Management, Digitalis Ventures and, the announcement said, a sovereign wealth fund it did not name. Existing backers Baillie Gifford, Premji Invest, FPV Ventures, True Ventures, Kinnevik, Dimension, Lifeforce Capital and Lux Capital returned.

ICONIQ's contribution runs through general partner Alex Gorsky, who ran Johnson & Johnson as chief executive from 2012 to 2018 before joining the venture firm. Enveda's announcement gave that credential more prominence than any figure tied to what the company is now worth, which is the more common trade in a round this size: a pharmaceutical-industry name standing in for a number nobody would confirm.

Three PRISM candidates now dosed in patients

Enveda's pitch rests on PRISM, a platform Colluru said identifies drug-like molecules made by plants and microbes, predicts their structure, and ranks them by therapeutic potential before chemists turn the most promising ones into drug candidates. Three molecules found that way are now in human trials: ENV-294, in Phase 1b/Phase 2 testing for atopic dermatitis and asthma; ENV-308, in Phase 1 for metabolic health and weight-loss maintenance; and ENV-6946, in Phase 1 for inflammatory bowel disease.

"The pharmaceutical industry has given the world extraordinary medicines, and it has done so at a cost that keeps rising," Colluru said. "We started Enveda on a different premise: the most reliable source of new medicines is the chemistry that living things have been refining for billions of years, and AI finally lets us read it."

What the disclosed rounds do not add up to

Enveda's three most recent rounds total $591 million. The company says its full funding since inception is more than $845 million, meaning roughly $254 million came from earlier seed, Series A and Series B rounds the Wednesday announcement did not itemize.

Round	Amount	Announced
Series C	$130 million	November 2024
Series D	$150 million	September 2025
Series E	$311 million	September 2026

That table only accounts for two-thirds of the total Enveda claims, which is the kind of gap a company confident in its valuation usually closes with a number rather than leaves for a reporter to notice. Enveda's Series D in September 2025 also arrived without a disclosed valuation, so the Series E extends a pattern rather than breaking one, in contrast to Snorkel AI's $3.5 billion round, where the number was public and the argument was about whether it made sense.

What comes next

Enveda said the new money will push ENV-294 and ENV-308 toward later-stage trials, advance ENV-6946 through mid-phase testing, and fund additional candidates for inflammatory and metabolic conditions. The company did not say whether the Series E has fully closed or is being disbursed in tranches, and it did not name the sovereign fund among its investors. The next public marker will be a clinical one: results from the Phase 1b/Phase 2 dermatitis trial for ENV-294, the most advanced of the three candidates the new capital is meant to carry forward. Enveda's fundraising pattern, three rounds in three years, suggests investors will hear a number again before that trial reads out, even if this announcement withheld one. The Evvy Series B showed a similar investor appetite for health data plays that have not yet turned a profit; Enveda is now the larger and more capital-intensive version of that same bet.