Enveda closed a $311 million Series E to advance experimental pills built from molecules found in plants, microbes and the human body. The Boulder biotechnology company is developing those compounds for people with inflammatory and metabolic diseases. Catalio Capital Management led the round.
Drug discovery begins with mass-spectrometry data from mixtures of natural chemicals. Enveda's PRISM model predicts molecular structures from those readings, steers lab experiments that test what the compounds do and ranks candidates by therapeutic potential. Chemists then refine the more promising molecules into oral drugs. The output is a company-owned pipeline of medicines, not just a searchable database.
That pipeline now has three candidates in human testing. ENV-294 is a once-daily treatment being studied in Phase 2 for eczema and asthma. ENV-308 is in Phase 1 and is intended to help people maintain weight loss and metabolic health after stopping GLP-1 medicines. ENV-6946 is a Phase 1 candidate for inflammatory bowel disease that targets several inflammatory pathways.
In company-reported Phase 1b data, eczema severity among ENV-294 participants improved by an average of 85% after 42 days, with no serious side effects. Enveda also said ENV-308 was well tolerated in 88 healthy volunteers and lowered circulating leptin. Those are early signals: all three candidates remain investigational, and the company warns that early or preclinical data may not predict later results.
Enveda plans to use the new cash to move ENV-294 and ENV-308 into later-stage trials and additional indications, take ENV-6946 through mid-stage testing, add more clinical candidates and expand PRISM and the automated lab. The Series E follows a $150 million Series D closed in September 2025, when Enveda had one clinical program underway; the larger round arrives with three programs in human testing.