AI Drug Discovery Startup Enveda Raises $130 Million

Enveda Therapeutics Inc., a startup that uses artificial intelligence to find promising drug candidates, has raised $130 million just a few months after its last financing.

The new funding round was led by Nordic investor Kinnevik and FPV Ventures, with participation from new and existing investors including Baillie Gifford, Lux Capital and the Nature Conservancy. It comes as Boulder, Colorado-based Enveda launches a Phase I clinical trial for an oral drug that aims to treat atopic dermatitis, or eczema.

Enveda based the drug on a molecule it found by combing through naturally occurring chemical compounds with AI, and hopes it ...