Mehta and friends launch $1.6M mobile fund

Ronny Kerr · October 1, 2010 · Short URL: https://vator.tv/n/1243

Eniac Ventures targets mobile sector with seed stage investment firm

Eniac

Eniac Ventures, a seed stage investment firm focused solely on mobile startups, launched Friday a $1.6 million fund.

Named after ENIAC, the first electronic computer, Eniac Ventures firmly believes mobile to be the next dominant computing platform, naturally evolving out of the personal and Internet computing that has ruled since the 1980s. Obviously, Eniac is far from the only one to think so. In fact, the site prominently gives credit to Google CEO Eric Schmidt for declaring, “The biggest growth areas are clearly within the mobile space.”

The New York-based fund was founded by four mobile-minded entrepreneurs and investors: Hadley Harris, Vice President of Consumer Business at Vlingo; Nihal Mehta, CEO and co-founder of buzzd; Vic Singh, co-founder of NearVerse; and Tim Young, founder of the Arch Rock Foundation.

Mehta might be the biggest name among the four, as he was an early investor in AdMob, the mobile ad marketplace that Google snatched up last year for $750 million.

Eniac investments, which will range in size from $25,000 to $100,000, should reach between 30 and 50 startups over the next few years. Half of the $1.6 million fund will be reserved for follow-up rounds.

“We want to be able to double-down on Series A rounds on companies that we think are worth it,” says Mehta.

Eniac-funded startups will be happy to hear that the four founders will also provide their best business development advice and help them make connections with relevant partners.

Eniac Ventures has already injected seed investments in six startups, including Localytics (real-time analytics for mobile apps), MightyMeeting (PowerPoint presentation mobile sharing), NearVerse (proximity-based social network), and Philo (social network for TV).

Image Description

Ronny Kerr

I am a professional writer with a decade of experience in the technology industry. At VatorNews, I cover the zero-waste economy, venture capital, and cannabis. I'm also available for freelance hire.

All author posts

Related Companies, Investors, and Entrepreneurs

Vlingo

Startup/Business

Joined Vator on

At vlingo it unlock access to wireless data services. Vlingo provide wireless carriers and wireless application providers a voice interface to their applications. With vlingo, instead of triple-tapping on a small keyboard, users can now simply speak to their mobile phones to enter search terms, addresses or any other text.

Using innovative speech recognition technology, vlingo delivers a single voice interface that can work with any mobile application without training or other constraints. With vlingo access to your mobile internet applications is no longer held hostage by twelve tiny keys.

NearVerse

Startup/Business

Joined Vator on

NearVerse is the brainchild of Boris Bogatin, a telecom executive who spent the better part of the 2000 decade at Skyterra, developing a nationwide 4G wireless operation with leading telecom, media, and television companies. Boris was previously with Cidera, a streaming media CDN that aimed to significantly improve the speeds and quality of rich media Internet experiences. By combining his expertise in developing highly spectrum-efficient technologies and disruptive means to optimize network architectures, Boris developed NearVerse to accelerate the mobile Internet. His co-founder, Vic Singh, jokingly proclaims he left the dark side as a venture capitalist with RRE Ventures to help Boris start the company. After making several investments in the mobile space and closely following the emergence of smartphone era and mobile Internet demand, Vic saw a unique opportunity to help start a company that could fundamentally disrupt the ecosystem and create value for all its players.

Buzzd

Startup/Business

Joined Vator on

Buzzd (http://www.Buzzd.com/) is the premier mobile, local search service, providing real-time information for bars, clubs and restaurants on the mobile device. "Your city, in real-time," Buzzd allows consumers to know what's happening at any venue right now, rate events, and connect with friends and people in the area.

5131

Nihal Mehta

Joined Vator on

37683

Vic Singh

Joined Vator on