Eniac Ventures formed to seed Mobile Apps

The name Eniac should ring a bell for most Philadelphians, since that was the name of the first true computer that was developed at Penn's engineering school. Now four former classmates at the
school have joined together to form a small seed fund named, aptly enough, Eniac Ventures, that will focus completely on mobile applications. It was founded by Hadley Harris, Nihal Mehta, Vic Singh and Tim Young, and has raised $1.6 million, according to TechCrunch. Mehta is a serial entrepreneur who was an angel investor in AdMob, which sold last year to Google for $750 million. They expect the typical investment size to be in the $25,000 to $100,000 range.

The one Philly-area startup the fund is already invested in is NearVerse. Others in their portfolio are Localytics (in which area entrepreneur/angel Gabriel Weinberg also invested), MightyMeeting , and Philo.

Note: On its Twitter account, Eniac gives its location as "NYC/Cambridge".


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(Philadelphia Inquirer)