Enveda Biosciences Announces Oversubscribed Series B1 Bringing Total Round to US$119 Million
New investor Kinnevik led the round with outsized participation from current investors
The company is advancing multiple candidates toward the clinic and scaling the platform
BOULDER, Colo.--(BUSINESS WIRE)--Enveda Biosciences today announced that it has closed an additional $51 million equity financing to add to the $68 million Series B announced in December 2022. Kinnevik led the Series B1 round, which also included participation by new investor Henry R. Kravis, the Co-Founder and Co-Executive Chairman of KKR. The round included strong participation from Enveda’s current major investors, including FPV, True Ventures, Dimension, and Wireframe.
Enveda is a drug discovery and development company using the latest AI-powered technologies to uncover the ancient cache of medicines present in plants. The company’s proprietary platform solves the long-standing obstacles in natural product drug development including active molecule identification, property and structure prioritization, amenability to medicinal chemistry, and large-scale material access. The additional financing will enable Enveda to progress multiple platform-derived molecules to the clinic in 2023 and 2024 across inflammation, fibrosis, and neurosensory indications.
“We are thrilled that the development of our platform and the strength of our pipeline continues to attract great investors even in a difficult market,” said Viswa Colluru, Ph.D., founder and CEO of Enveda. “Our investors are leaders in biotech and technology investing, providing the capital to pursue ambitious growth across pipeline and platform. We are poised to advance multiple programs toward clinical development and redefine success in natural product drug discovery.”
“Even though nature’s chemistry has given us many of today’s blockbusters, technical bottlenecks have hampered its use in modern drug discovery. Enveda’s use of large language models, metabolomics, and robotics to search nature’s chemical space unlocks one of the most validated approaches to drug discovery,” said Christian Scherrer, Investment Director at Kinnevik. “Enveda is a shoo-in to our life sciences strategy of bringing the technological revolution to the pharma industry.” Christian will be joining Enveda’s board of directors as an observer.
“Enveda’s pace in terms of pipeline and their ability to execute has continued to impress us since joining last year,” said Pegah Ebrahimi, co-founder and Managing Partner of FPV. “We are incredibly excited to double-down on Enveda’s mission and team.” Pegah will be joining Enveda’s board of directors in connection with this financing.
“We are excited to develop a versatile clinical-strategy across a portfolio of chronic inflammatory and fibrotic diseases, quickly advancing assets to clinical proof-of-concept,” said Mark Deeg, M.D., Ph.D., Chief Medical Officer of Enveda. “We are leveraging Enveda’s unique computational strengths to link compound mechanisms to biomarker strategies, further maximizing the potential clinical success of these programs.”
The closing of this Series B1 round brings the total capital that Enveda has raised to $175 million.
About Enveda Biosciences
Enveda Biosciences is a biotechnology company building the first high-resolution chemical map of the natural world to tackle the toughest problems in drug discovery. Enveda’s platform is the world’s most advanced drug discovery search engine from the expanse of nature’s unknown chemistry, building on years of cutting-edge advancements at the intersection of metabolomics and machine learning. Complementing its breakthrough technology, Enveda’s team includes seasoned drug hunters with decades of experience in the pharmaceutical industry working with preeminent data scientists. For more information on Enveda, visit envedabio.com.