Despite being sector-agnostic, Eniac has shown interest in artificial intelligence, with machine learning and AI being a predominant theme over the past decade. The firm's portfolio includes companies like 1up Health, Alloy, Anchor, Attentive, and Brightwheel among others. Eniac was also an early investor in Airbnb and has seen exits in companies like TapCommerce, Anchor, Dubsmash, Hinge, Workflow, Vungle, and Vence. The firm's funds have grown significantly over the years, from its inaugural $1.5 million fund in 2010 to its $125 million Eniac Fund V in 2021.
Key takeaways:
- Eniac Ventures has closed two funds totaling $220 million, with $60 million for Select 1, the firm’s vehicle for follow-on later-stage investments, and $160 million for Eniac VI.
- The firm has made 11 investments out of Select 1, which closed in 2021, and plans to make its first investment out of its sixth fund soon.
- Eniac's average check size for new investments is $1.5 million, with follow-on checks typically larger, the largest being $6 million.
- Despite being sector-agnostic, Eniac has a predominant theme in machine learning and AI, and has backed more than 250 startups, including Airbnb, and seen exits in companies such as TapCommerce, Anchor, and Hinge.