Toronto headquartered fintech startup Delphia has closed a USD $60 million funding round led by Multicoin Capital.
Delphia is an algo-advisor that helps people invest smarter together.
The Series A funding round brings the total raised by the Company to $80 million and is demonstrative of the continued support Delphia has received from traditional financial institutions as well as firms within the digital asset ecosystem.
Designed by a team of data scientists and academics, Delphia analyzes the personal data shared by its members to make intelligent investment decisions. By converting personal data into investment capital, Delphia aims to change the way we think about our data, investing, and the future of our economy.
Delphia’s investment platform plans to leverage consumer spending insights, employment patterns and public opinion data derived from social media to deliver algorithmic models that were previously exclusive to top-performing hedge funds.
The company offers long-only actively managed investment strategies with zero management fees and $10 investment minimums, as well as a hedge fund for accredited investors that runs a long-short market neutral strategy of approximately 2,500 US equities.
Delphia will use the funds to launch its native rewards token, increase the number of ways users can contribute data, and expand its headcount globally.
Starting this summer, Delphia’s investors will have the opportunity to contribute their own data to the algo-advisor in return for a native token that can be traded freely or redeemed for membership benefits, thus leveling the playing field between institutional and retail investors.
Andrew Peek, CEO of Delphia, commented on the news, “Currently, retail investors are forced to either invest in passive robo-advisors that are designed to achieve average returns, or they can pick stocks directly through platforms like Robinhood or E-Trade — where they’re up against the best hedge funds in the world. Delphia gives investors a third choice in the form of a mobile-delivered algo-advisor that leverages machine learning models designed by top hedge fund professionals, expanding access to elite financial products for retail investors.”
The Series A round included participation from Ribbit Capital, FTX Ventures, Valor Equity Partners, FJ Labs, Lattice Ventures, Cumberland, Thomas Bailey from Road Capital and M13.
“Our new strategic investors and the funds from this round will enable us to share our algorithmic breakthroughs with anyone willing to contribute data or dollars, no matter how big or small. We’re most excited about rewarding our members with a true data dividend for helping us build the world’s largest user-contributed proprietary data set. We expect this token to help us improve the stock selection algorithm for all the participants in our ecosystem,” concluded Peek.