Enveda Biosciences raised $311 million in a Series E financing at an approximately $2 billion valuation, expanding funding for its AI-driven, nature-to-molecule drug discovery platform. The round was led by Catalio Capital Management and included participation from major growth and healthcare investors including Surveyor Capital, T. Rowe Price and Lux Capital, alongside a sovereign wealth fund. Enveda said it will use the capital to advance a portfolio with multiple candidates in clinical testing, including oral programs ENV-294 (atopic dermatitis) and ENV-308 (weight maintenance after stopping GLP-1 therapies). The company previously disclosed positive early results for both, and it is also progressing ENV-6949 targeting the TL1A pathway in inflammatory bowel disease. The financing underscores renewed appetite for platform-first biotechs that translate AI screening into clinically validated assets, with investors betting that mechanism innovation—not only iterative optimization—can generate “power law” outcomes. For the broader biotech ecosystem, the deal adds to the momentum behind AI-native discovery engines that can deliver first-in-human programs and attract follow-on capital without relying solely on traditional wet-lab screening.