Decentralized infrastructure for the next billion users
The company
Founded by Stanford faculty and alumni, Enya pioneered decentralized privacy and became the largest provider of secure multiparty computation services, serving more than 10 million users across 91 countries. Enya creates decentralized infrastructure solutions that serve the next billion users, leading with Boba Network. Boba is an Ethereum Layer 2 solution that scales and augments Ethereum, helping developers deliver a more delightful and inclusive experience. Enya is a core contributor to OMG Network. Enya recently announced the launch of mainnet beta of Boba Network, its next-generation Ethereum Layer 2 Optimistic Rollup scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts (https://boba.network/).
Why we invested
• Thesis: Enya’s foundational technology to build a pragmatic L2 is the first step towards opening Ethereum to the next Billion users. The founders were mission driven and focused on growing the community.
• Strong Team: The founders experience span across technology development and strong go-to-market focus. Both Co-founders are highly motivated to go all the way and build Enya.
• Superior Tech and Product: Strong Patent filing, very strong research focused team and an ability to iterate and learn to bring the right product to market.
• Resilience: Company was determined to manage with a low burn and extend the runway till they found product market fit.
• Strong Co-Investors: The team had assembled a syndicate with leading angels and seed investors. They collectively also brought the power of the network.
How First Rays team helped
“First Rays team is one of the hardest working investors I know. They immediately started making introductions to potential customers and partners after they invested in Enya, and have been a valuable thought partner ever since as well. I can’t recommend them highly enough to founders focused on enterprise space.” - Alan Chiu, CEO