Enveda Biosciences raised $311 million in a Series E led by Catalio Capital Management at a valuation of roughly $2 billion, doubling its valuation from 12 months earlier and bringing total capital raised since founding above $845 million. T. Rowe Price and ICONIQ participated in the financing, which follows Enveda's $150 million Series D round in 2025. The company uses its PRISM artificial-intelligence platform to map natural compounds from organisms including plants and fungi and identify potential medicines. Enveda has produced 17 development candidates, three of which are in human trials. Proceeds will advance ENV-294 for atopic dermatitis and asthma, ENV-308 for maintaining weight loss after GLP-1 treatment, and a mid-stage inflammatory bowel disease program identified in the new update as ENV-6946. An earlier company record identified the inflammatory bowel disease candidate as ENV-6949 and described it as targeting the TL1A pathway. ENV-294 reported positive Phase 1b data in 2026 and has entered Phase 2a trials, while recent positive early clinical results for ENV-294 and ENV-308 contributed to the financing.