Blog

We’re thrilled to share the news that Fabi.ai has officially launched, and that it’s raised $3 million in seed funding led by Eniac Ventures.

Fabi.ai is tackling data democratization, allowing business users to understand their data without using technical resources. It connects to existing data systems and uses AI to automate the process of answering queries from product management, marketing, customer success, or elsewhere in the company — streamlining that process while still giving data teams control over the ultimate output.

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We’re kicking off a series of founder interviews focused on product-market fit — what those founders did right, what they did wrong, and what they’ve learned along the way.

It’s a topic the Eniac team is passionate about, having worked with more than 200 founders as they try to find PMF. And as we wrote last week, while we could talk all day about definitions and tips, we believe there’s nothing more valuable or educational than getting the stories from the founders themselves.

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If there’s one thing we’re focused on at Eniac Ventures, it’s helping our founders find product-market fit.

The term gets thrown around so often that it’s easy to assume every founder knows exactly what it means. But like many simple, powerful ideas, PMF can take on different meanings depending on who’s using it.

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At Eniac, we’ve been studying recent changes in the seed market — and what we’ve found surprised us, especially when it comes to valuations.

To understand the market, we pulled deal data on recent quarters from PitchBook, as well as conducting our own Seed Sentiment Survey. Some of the changes are obvious: The market has slowed, with seed capital deployment falling 39% in Q1 2023 compared to two quarters earlier. In addition, the number of deals tracked by PitchBook at every stage has fallen by more than 45% year over year (the biggest drops are at Series C and D).

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We’re excited to share the news that our portfolio company Glystn has officially launched its community engagement engine, along with announcing $4 million in funding from Eniac, Precursor Ventures, Hannah Grey VC, and Future Perfect Ventures.

Glystn leverages AI to help online creators manage their communities. It integrates with existing social media platforms, providing those creators with an actionable summary of all their comments and messages, and it even automates elements of engagement and monetization.

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What’s next for seed deals?

While seed firms like Eniac are part of the larger VC ecosystem, we also represent a unique asset class that isn’t fully captured by reports and data that focus on the industry as a whole. That’s why we’re launching this Seed Sentiment Survey, which we plan to conduct quarterly. By reaching out to our smartest colleagues and competitors at seed and early stage firms, we hope to take a snapshot of what seed investors are thinking and where they’re making their bets.

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We’ve got a new face on the Eniac roster, with Owen Chun joining us as an investor working with our co-founder Tim Young.

Owen grew up near New York City in the town of Hastings-on-Hudson. He caught the startup bug early, launching his own online business focused on collectibles and postage stamps when he was only 14 years old, then moving on to another business wholesaling designer clothing.

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We’re pleased to share the news that our portfolio company Model-Prime has emerged from stealth and raised $3.3 million in funding from Eniac Ventures, Innovation Endeavors, and Quiet Capital.

Founders Arun Venkatadri and Jeanine Gritzer were both veterans of the self-driving industry at companies like Uber, Aurora, and Motional. While there, they saw the challenge facing new companies that would have to build these robotics and autonomy data platforms and tooling from scratch.

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The Electronic Numerical Integrator and Computer — the world’s first non-mechanical, general-purpose computer — was unveiled at the University of Pennsylvania’s Moore School of Electrical Engineering on February 15, 1946.

John Mauchly and John Presper Eckert, the hardware engineers who designed the computer (known as ENIAC), have been justly celebrated as technology pioneers. Much less well known are the six women who programmed ENIAC and truly brought it to life: Betty Holberton, Jean Jennings Bartik, Kay McNulty, Marlyn Wescoff Meltzer, Ruth Lichterman, and Frances Bilas Spencer.

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Our portfolio company Sutro officially launched to the public today — and it also announced that it’s raised $2.2 million in funding led by Eniac Ventures. (Check out the fundraising deck on Business Insider.)

Sutro is led by an impressive pair of founders: CEO Owen Campbell-Moore, who was previously a Product Manager at both Facebook and Google (where he co-founded and led the Progressive Web Apps team), and Tomas Halgas, who worked on machine learning at Facebook and co-founded Sphere (acquired by Twitter).

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