Enveda Biosciences has secured $55m in a Series B2 financing round to expedite its platform and advance multiple candidates to clinical trials.
The latest funding adds to the $119m secured in combined Series B and B1 financing rounds.
The funding round saw participation from new investors including Premji Invest, Microsoft, the Lingotto Investment Fund and the Nature Conservancy.
Existing investors Kinnevik, True Ventures, Level Ventures, FPV and Jazz Venture Partners also contributed.
With the closure of this Series B2 round, Enveda's total capital raised stands at $230m.
Established in 2019, Enveda focuses on integrating AI into drug discovery.
The company's platform addresses historical challenges in natural product drug discovery, such as the detection of active molecules, prioritising property and structure, medicinal chemistry compliance and material access on a large-scale basis.
This technology aided the company in nominating a sixth new chemical entity development candidate recently.
The latest funds will support the subsequent development of Enveda's platform. It will also facilitate the Phase I clinical development of the company's three leading programmes.
Enveda anticipates commencing the trials of these programmes in late 2024 and early 2025.
The lead programme of the company is an oral anti-inflammatory agent being developed to target atopic dermatitis.
It has shown significant efficacy and safety in preclinical studies.
The company’s other pioneering anti-inflammatory asset, designed to inhibit cytokine signalling in the gut, shows promise for inflammatory bowel disease treatment.
Enveda CEO and founder Viswa Colluru stated: “The investors who joined in this round recognise our rapid progress, as well as our expansive potential and vision.
“In combination with our deep bench of top-tier investors, we are in an ideal position to advance our novel medicines into the clinic and to bring hope to waiting patients.”
In April 2023, the company raised $51m in equity financing in a Series B1 round to advance several drug candidates to clinical development.
