Enveda Biosciences raised $311 million in a Series E financing to advance its pipeline and expand its AI-driven discovery platform. The round, led by Catalio Capital Management with participation from investors including Surveyor Capital, ICONIQ, Lux Capital, and a sovereign wealth fund, positions the company to move more candidates into later-stage development. Enveda’s approach uses AI to identify molecules found in nature and predict structure and function before medicinal chemistry optimization. The company already has multiple oral programs in clinical testing, including ENV-294 for atopic dermatitis and ENV-308 focused on metabolic health and weight maintenance after stopping GLP-1 receptor agonists. The scale of the round reflects continuing investor appetite for platform-biased drugmakers that can generate first-in-class concepts from nature’s chemistry, not just optimize known targets through traditional screening.