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 will treat eczema without the side effects of many other treatments on the market. The startup announced the trial earlier this month and said it had already enrolled its first patient. “The very exciting aspect of this, as well as other drugs in the pipeline, is they attack big problems faced by a large number of people,” said founder and Chief Executive Officer Viswa Colluru. Enveda most recently raised a $55 million announced in June, on top of $51 million last year. Its previous valuation was $400 million. The company declined to provide its latest valuation, but said it was higher than previously.

Full report : Enveda which uses artificial generative intelligence for drug discoveries raises $130 million in funding.