A Colorado biotech has gone from a $50,000 “pre, pre-seed” check from its founding CEO to $517 million in funding and unicorn status in five years.
Enveda hit the $1 billion valuation milestone — a relative rarity for private biotech startups compared to the tech industry — after reeling in another $150 million on Thursday. The Series D comes less than a year after the drug developer’s equally-sized
Series C
, which included an extension from Sanofi.
The biotech, which has a total of 300 employees in Boulder and CEO Viswa Colluru’s home country of India, will use the money and existing funds to get at least a dozen clinical catalysts by the time the capital is expected to dry up “well into” 2028, Colluru told
Endpoints News
.
“There was enough happening around the table that I think we could justify both additional dilution at a good price, but also show the precise chips that we would accelerate on the path to our long-term vision,” he said.
The round came together in one month, according to the CEO. That’s in stark contrast to the fundraising struggles faced by many private biotechs in recent years.
Premji Invest, which has offices in the US and India, led the Series D. Other backers include Baillie Gifford, Kinnevik, Peakline Partners, Dimension and Lux Capital.
Meanwhile, Enveda added former Pfizer chief scientist Mikael Dolsten to its board.
Enveda mines the chemistry of plants from around the world and uses machine learning tools to drive its R&D engine.
“We’re able to take the world’s most successful chemical library and put it in a manner that is programmable and searchable back into the hands of human chemists,” Colluru said. “What you can do with the world’s most diverse library, you can do one of two things: You can discover completely new biology by doing phenotypic screening, or you can make better versions of existing drugs for known targets. We do primarily the former, with a small sprinkling of the latter to balance out the portfolio.”
With that plant chemistry database, the company has been able to quickly build a sprawling pipeline of about 16 treatment candidates, many of which are oral drugs or topical medicines.
Enveda is doing work in some of the splashiest therapeutic areas, including I&I, obesity and neurological conditions. It also has ambitions in chronic pain, tissue-scarring afflictions like idiopathic pulmonary fibrosis, and MASH.
The lead program, an oral candidate dubbed ENV-294, has been through Phase 1. In the “coming months,” it will enter Phase 2a studies for atopic dermatitis and asthma, Colluru said.
Enveda is also preparing to soon move its once-daily oral hormone mimetic for obesity and an oral NLRP3/TL1A+ pathway inhibitor for inflammatory diseases into human trials, Colluru said. Enveda anticipates each of the three drugs could hit $5 billion or more in peak annual sales, according to a presentation shared with Endpoints.
While many biopharmas are already racing to catch up to the obesity drug duopoly of Eli Lilly and Novo Nordisk, Enveda thinks it can provide a “long-term solution” to the market with a daily pill that cuts fat while preserving most muscle mass, addresses comorbidities, and has fewer side effects than the current GLP-1s, Colluru said.
Enveda won’t take all of its investigational medicines all the way to market.
“Enveda’s mission has always been to be around when our kids are talking about the medicines that they hope existed,” Colluru said. “The way to fuel that generational ambition is to have a platform that actually works and fuels a pipeline that is ambitious and multifaceted by design so that we can create the optionality where we sell an asset or two without selling the company.”
The company may consider offloading some of its drugs once it sees clinical data, Colluru said. An increasing number of biopharma companies, including Gilgamesh and Dren Bio, have also
sold off single assets
and retained the rest of their pipelines.
Enveda is also considering whether its molecules could apply commercially to sectors like animal health and agrochemicals, Colluru
told Endpoints in 2023
.
“We’re not publicly talking about some of those efforts yet, but over the next year or so, you’ll see that the potential extends beyond” therapeutics, Colluru said this week.