janaury 2016 - enya is an angel network that invests and mentors early-stage tech companies within 75 miles of the albany area. the group, managed by joe richardson and dick frederick, invests anywhere from $50,000 to $250,000 per company.

thermoaura makes thermoelectric materials for applications in smart cooling and heating. the company uses a chemical process that, when cooked in a microwave, turns chemicals into nanoparticles. the nanomaterials are available in powder, wafer or ingot forms.

"[the investors] are really, really excited by thermoaura," richardson said. "it's unbelievable what they’re doing there."
the company is lead by rutvik mehta, a rensselaer polytechnic institute-educated scientist turned ceo. mehta spoke with the business review in the fall about scaling the business up for production.

the national science foundation, new york state energy research and development authority and the eastern new york angels have all made investments in the startup. enya had previously gave $250,000 to that company.

in its first fund, the angel investment network raised $1.4 million and invested in seven companies. enya currently is working on its second fund, which raised about $2.38 million among 45 investors.




the group of investors is made up of serial entrepreneurs, cpas, lawyers and other businesspeople who have contributed $50,000 or more toward the fund. they meet every few months to vote on which companies to invest in, and interview prospective startups.
it's meant to keep more startups in the albany area and build a stronger entrepreneurial culture.