Enveda Biosciences raised $311 million in a Series E, valuing the company at about $2 billion as it pushes an AI-driven plant-and-microbe discovery engine toward clinical execution. The financing is led by Catalio Capital Management with participation from investors including Surveyor Capital, T. Rowe Price, Lux Capital, and a sovereign wealth fund. Enveda said three programs are in human testing, including an atopic dermatitis molecular glue candidate (ENV-294) and ENV-308, an experimental pill designed from “the chemistry of exercise.” It also has an inflammatory bowel disease program targeting the TL1A pathway (ENV-6949), expanding the company’s footprint across inflammatory and metabolic indications. The round underscores sustained appetite for AI-enabled drug discovery platforms with clinical assets, while also emphasizing execution risk reduction through funding at a scale seen in larger late-stage biotechnology transactions.