Enveda, a biotech startup applying AI to discover drugs from plants and microbes, has raised $311 million in a Series E at a $2 billion valuation.

Catalio Capital Management led the round, with participation from Iconiq and others, and the valuation is double what Enveda reached 12 months ago.

Founder Viswa Colluru, previously an early employee at Recursion Pharmaceuticals, started the company in 2019 to accelerate natural-product drug discovery using AI and related techniques.

AI has not yet produced an FDA-approved drug, but Enveda is among the companies moving AI-discovered candidates into human clinical trials.

The startup is currently testing several drugs in patients, including one targeting severe skin conditions and another designed to help maintain weight loss after stopping GLP-1s.