Delphi Ventures Research
Investment Thesis
Delphi Ventures operates at the intersection of crypto and deep tech, backing "extraordinary founders at the bleeding edge of technology." The fund believes that three major forces will reshape civilization over the next decade: trustless infrastructure (enabled by blockchain and crypto), digital intelligence (AI/ML systems), and atomic breakthroughs (hardware and biotech innovations).
Crypto, in Delphi's view, is "freedom technology" that fundamentally creates new ways for human beings to coordinate at scale by removing intermediaries and replacing them with code and incentives. With native monetization baked into open source technology, crypto represents both a computational and financial innovation with massive surface area for experimentation. The firm believes these systems are early in a profound shift that will disintermediate every vertical where network effects are currently captured by centralized entities.
As part of the integrated Delphi Digital family combining research, building, and capital, Delphi Ventures operates with "proprietary research-driven deal flow and the ability to both build and back protocols end-to-end." Unlike most Tier-1 crypto VCs, Delphi explicitly invests primarily its own internal capital rather than raising large external LP funds, emphasizing true skin in the game alongside founders.
Sector Focus
Delphi invests across two primary portfolios:
Crypto Portfolio (140+ companies):
- Decentralized Finance (DeFi) - lending, borrowing, AMMs, derivatives
- Layer 1 and Layer 2 blockchains - including modular blockchain architectures
- Infrastructure - validators, bridges, interoperability protocols
- AI-integrated crypto - AI agents, digital intelligence on-chain
- Gaming - blockchain-based games and gaming infrastructure
- Finance & Asset Management - staking, asset management protocols, trading
- NFTs & Social - social tokens, creator platforms, NFT infrastructure
Deep Tech Portfolio (emerging):
- Artificial Intelligence - AI research, ML infrastructure, edge AI
- Brain-Computer Interfaces - neural technology, direct brain-to-machine interfaces
- Robotics - humanoid robots, industrial automation, autonomous systems
- Advanced Computing - quantum computing adjacent, specialized chips
Stage Focus
Delphi operates as a stage-agnostic investor with particular emphasis on:
- Early-stage: Pre-seed and seed for ambitious protocol and technology founders
- Growth-stage: Series A for protocols achieving product-market fit
- Occasional later stages: Fund follow-ons for existing portfolio companies
The firm seeks to identify founders pushing paradigm shifts in their respective domains, with emphasis on technical depth and non-consensus conviction.
Check Size
Based on recent activity:
- Pre-Seed: $500K - $2M
- Seed: $1M - $5M (typical range: $1M - $6.5M based on TestMachine, 375ai, Hyperdrive rounds)
- Series A and beyond: $5M - $25M+ (with rare larger follow-ons)
- Typical range: $50K - $5M for early protocols; can scale to $25M+ for later stages
Recent investments show check sizes of $21M (Bluff, Feb 2026), $6.5M (TestMachine, Dec 2025), $5M (375ai, Oct 2025), $7.2M (Ambient, Mar 2025), and $28M (DoubleZero, Mar 2025).
Lead Tendency
Leads: Delphi actively leads rounds and serves as first institutional investor for many portfolio companies. Evidence includes lead investments in Ambient ($7.2M), 375ai ($5M), and numerous other seed-stage protocols where they appear to set terms and lead investment committees.
Recent Activity & Fund Status
Fund Status: Actively deploying from multiple vintage funds, with recent significant capital deployment in Q4 2025 and Q1 2026.
Recent Investments (2025-2026):
- February 2026: Bluff ($21M) - likely Series A or strategic round
- January 2026: Oro (Media/Information Services B2B)
- December 2025: TestMachine ($6.5M) - DeFi/trading protocol
- December 2025: Hotstuff/Syndr Protocol - DeFi derivatives infrastructure
- October 2025: 375ai ($5M) - AI/Edge computing
- August 2025: Stargate acquisition by LayerZero Labs ($110M exit for Delphi portfolio company)
- May 2025: Hyperdrive ($6M) - DeFi protocol
- March 2025: Ambient ($7.2M) - DEX infrastructure
- March 2025: DoubleZero ($28M) - significant portfolio company
Portfolio Performance:
- 2 portfolio companies achieved unicorn status
- 10 portfolio companies had IPOs
- 33 portfolio acquisitions (3 most recent: Stargate, BuildKite, LogStream)
- Diverse portfolio with strong exits in fintech, infrastructure, and gaming sectors
Portfolio Highlights
Acquired/Exited:
- Stargate (exited Aug 2025, $110M+ acquisition by LayerZero Labs)
- BuildKite (acquired by Atlassian, 2024)
- LogStream (acquired by Datadog, 2023)
- Tandem Diabetes, Karyopharm, and 30+ others
Active Major Portfolio Companies:
- Ethereum (ETH) - Tier 1 blockchain
- Solana (SOL) - Layer 1 blockchain
- Ethena (ENA) - Stablecoin protocol
- Sei (SEI) - High-performance Layer 1
- Ambient Finance - DEX infrastructure
- Suilend - Lending platform on Sui
- delta - Network of networks protocol
- Ekubo Protocol - AMM built for Starknet
- Allora - AI-integrated crypto network
- Solrise Finance - DeFi infrastructure
- Neuralink - Brain-computer interface
- Apptronik - Humanoid robotics
- Sophont - AI platform
Team
Core Investment Team:
- Yan Liberman - Managing Partner
- Tom Shaughnessy - Founding Partner
- Piers Kicks - Founding Partner
- Drew Henderson - Partner
- Alex Golding - Associate
- Can Gurel - Associate
Operations & Compliance:
- Rawson Haverty - AI Investing Specialist
- Sarah Brennan - General Counsel
- Tye Merlo - Chief Compliance Officer
- Jacklyn Marques - Executive Assistant
Broader Delphi Ecosystem:
- Part of integrated Delphi Digital family with research arm and builder arm
- Access to deep research and technical talent across crypto and tech
Investment Philosophy & Values
Core Values:
- Insatiable Curiosity: Seeking intensely curious minds with deep conviction in non-consensus views
- Skin in the Game: Act as principal with own capital translating to true alignment with portfolio founders
- Radical Integrity: Commitment to transparency and seeking high-integrity characters
Conclusion
Delphi Ventures represents a unique combination of deep technical expertise in crypto/blockchain with emerging conviction in AI and deep tech. The firm operates with significant skin in the game, genuine curiosity about frontier technologies, and commitment to backing founders with non-consensus worldviews that could reshape entire industries.