Enveda Biosciences Secures $55M to Advance AI-Driven Drug Development
Enveda Biosciences, known for its pioneering use of AI in drug discovery, has announced a $55 million financing round. This round, which includes investments from new backers like Premji Invest, Lingotto Investment Fund, Microsoft, and The Nature Conservancy alongside existing investors, aims to further enhance Enveda’s proprietary platform. The platform has already achieved significant milestones, including the nomination of a sixth New Chemical Entity (NCE) Development Candidate and the initiation of Phase I clinical trials for its top three lead programs scheduled for late 2024 and early 2025.
Enveda’s lead program focuses on a novel oral anti-inflammatory treatment for atopic dermatitis, demonstrating promising efficacy and safety in preclinical studies. Another lead candidate targets inflammatory bowel disease by inhibiting multiple cytokine signaling pathways in the gut.
According to Viswa Colluru, CEO and Founder of Enveda, the support from this funding round underscores the company’s rapid progress and expansive vision. With total capital raised now amounting to $230 million, Enveda is well-positioned to advance its innovative medicines towards clinical use, offering new hope to patients worldwide.
