Enveda Biosciences Closes $68-million Combined Series B Equity and Debt Financing
Dimension led the round with multiple new institutional investors and significant participation from current investors; Silicon Valley Bank provided the debt facility
Company on track to declare multiple clinical candidates in 2023
Enveda Biosciences today announced that it has closed a $68-million equity and debt financing. Dimension led the Series B round, which included participation by multiple new institutional investors, including FPV, Jazz Venture Partners, Level Ventures, Amino Collective, Allen & Co, and Possible Ventures. All of Enveda's current major investors, including True Ventures, Lux Capital, Wireframe Ventures, Hummingbird Ventures, and Two Sigma Ventures, also participated in the round.
Enveda's novel drug discovery platform uses metabolomics and machine learning to identify new compounds with distinct properties that overcome key challenges with small molecules. The financing was precipitated by breakthrough milestones from the company's platform that quickly translated to highly differentiated pipeline assets. The financing will support the advancement of these lead compounds to clinical candidacy across a number of important targets and pathways, including cytokine-receptor interactions, GPCRs, and the inflammasome pathway.
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