NAUT tracks 47 companies in the Delphi Digital portfolio, across 53 distinct funding rounds announced between March 2021 and August 2025. The 52 rounds that disclose a size add up to $891.7M, the average is $17.1M and the median $7.0M, and DeFi is the largest sector group with 11 companies.
Data note. Counted on 1 November 2026 from NAUT's own database: the company rows tied to the investment rows where NAUT records Delphi Digital as a backer. The fund row stores 59 investments, $1.03B deployed and a $17.7M average round, and that is what its own page counts. This page counts 53, because 6 of those 59 rows record a raise already held under another source row for the same company on the same or an adjacent date: a second Eclipse Series A, 2 Celestia private rounds dated the same day as its $55.0M Series A, an Allora Network Series A2 and Strategic Round that repeat rows already counted, and a Play Network (prev. READYgg) Series A dated with its $4.0M funding round. Removing those 6 moves the average round from $17.7M to $17.1M and leaves the company count unchanged at 47.
NAUT holds 2 other Delphi rows, Delphi Ventures with 18 backs and Delphi Labs with 0, and this page counts the Delphi Digital row alone. Nothing is merged. That matters for attribution: of the 10 largest rounds in this set, public sources checked on 1 November 2026 put Delphi Digital in 6 of them, from the company's own announcement or a named press report. For Injective, Sentient and Jambo the page cited names a different Delphi entity than this fund row, and for DoubleZero the reachable pages name other backers without naming any Delphi entity, while the project's own announcement post returned HTTP 402 to NAUT's fetch. So read the backer field on those 4 rows as NAUT's record rather than as a confirmed attribution.
50 of the 53 rounds carry an announcement date, 2 more carry only a close date, and Hotstuff Labs carries neither a date nor an amount. Each company sits in 1 sector group, the first sector tag NAUT holds for it, so the groups add up to 47; 3 companies carry no tag at all and get their own group. Group totals are rounded to the nearest $0.1M, so they add to $891.8M against the exact $891.7M. Written by NAUT Research.
What is in the Delphi Digital portfolio on NAUT?
Sector groups ranked by the number of companies in them. Avg is the average round in the group, Total its disclosed sum. Infra is the infrastructure tag, Base layers the L1, 2 and 3 tag, DEXs the decentralized exchanges tag, and No tag the 3 companies carrying no sector tag at all.
| Sector | Companies | Rounds | Avg | Total |
|---|---|---|---|---|
| DeFi | 11 | 12 | $9.3M | $111.8M |
| Gaming | 10 | 10 | $7.9M | $78.8M |
| Infra | 9 | 12 | $15.9M | $191.0M |
| AI | 6 | 8 | $28.1M | $224.5M |
| No tag | 3 | 3 | $7.5M | $15.0M |
| Base layers | 2 | 2 | $77.5M | $155.0M |
| DEXs | 2 | 2 | $44.0M | $88.0M |
| Wallet | 2 | 2 | $9.1M | $18.2M |
| Payment | 1 | 1 | $5.0M | $5.0M |
| Tools | 1 | 1 | $4.5M | $4.5M |
DeFi, gaming and infrastructure hold 30 of the 47 companies between them. The 6 AI companies carry the highest average round of any group at $28.1M, against $7.9M in gaming, and the 2 base layers average $77.5M on the back of 1 $150.0M round. Tags overlap, so a group count reads as first tags: 6 companies carry an L1, 2 or 3 tag somewhere in their tag list, against the 2 whose first tag it is. These Delphi Digital investments span 4 years and 5 months, so the mix reads as the fund's recorded history rather than its position today.
Delphi Digital portfolio companies by sector
Every company links to its NAUT page, which lists its team, its rounds and the other funds on its cap table. Disclosed totals add every round in this set, so a company backed twice shows the sum of both, and the Latest column is the most recent round NAUT records.
DeFi (11 companies)
| Company | Rounds | Total | Latest |
|---|---|---|---|
 Celestia |
1 | $55.0M | Series A, Oct 2022 |
 Jito |
1 | $10.0M | Series A, Aug 2022 |
 Superfluid_HQ |
1 | $9.0M | Funding round, Jul 2021 |
 Juice |
1 | $7.0M | Funding round, Mar 2024 |
 Ethena |
1 | $6.5M | Seed, Jul 2023 |
 Suilend |
1 | $6.0M | Funding round, Dec 2024 |
 Chainflip |
1 | $6.0M | Main round, Aug 2021 |
 ArrowMarkets |
2 | $5.4M | Series A, Mar 2024 |
 Alchemix |
1 | $3.1M | Funding round, Mar 2021 |
 Beta Finance |
1 | $2.8M | Private round, Oct 2021 |
 spectra_finance |
1 | $1.0M | Seed, Mar 2021 |
Gaming (10 companies)
| Company | Rounds | Total | Latest |
|---|---|---|---|
 Karate Combat |
1 | $18.0M | Funding round, Apr 2023 |
 Blocklords |
1 | $15.0M | Seed, May 2022 |
 Pixelmon |
1 | $8.0M | Seed, Feb 2024 |
 Param Labs |
1 | $7.0M | Strategic round, May 2024 |
 Sipher |
1 | $6.8M | Seed, Oct 2021 |
 BlackPool |
1 | $6.0M | Funding round, Dec 2021 |
 Pixelverse |
1 | $5.5M | Funding round, Jun 2024 |
 Heroes of Mavia |
1 | $5.5M | Seed, Jan 2022 |
 Play Network |
1 | $4.0M | Funding round, Feb 2024 |
 HYTOPIA |
1 | $3.0M | Seed, Oct 2023 |
Infrastructure (9 companies)
| Company | Rounds | Total | Latest |
|---|---|---|---|
 Eclipse |
1 | $50.0M | Series A, Mar 2024 |
 Jambo |
2 | $37.5M | Series A, May 2022 |
 Allora Network |
3 | $32.5M | Strategic round, Jun 2024 |
 DoubleZero |
1 | $28.0M | Token round, Mar 2025 |
 Anoma Network |
1 | $25.0M | Funding round, May 2023 |
 LayerZero |
1 | $6.3M | Series A, Sep 2021 |
 Obol Network |
1 | $6.2M | Seed, Oct 2021 |
 Azuro |
1 | $3.5M | Seed, Jan 2022 |
 Covalent |
1 | $2.0M | Strategic round, Mar 2021 |
AI (6 companies)
| Company | Rounds | Total | Latest |
|---|---|---|---|
 Sentient |
1 | $85.0M | Seed, Jul 2024 |
 0G |
2 | $75.0M | Seed, Nov 2024 |
 io.net |
1 | $30.0M | Series A, Mar 2024 |
 Cyber |
1 | $15.0M | Series A, May 2022 |
 My shell |
1 | $11.0M | Pre-Series A, Mar 2024 |
 Almanak |
2 | $8.5M | Funding round, Aug 2025 |
The other 11 companies
Base layers, exchanges, wallets, payments, tools and the 3 rows with no sector tag. Each of the 11 sits on 1 round in this set.
| Company | Group | Total | Latest |
|---|---|---|---|
 Injective |
Base layers | $150.0M | Funding round, Jan 2023 |
 Arcus (dYdX) |
DEXs | $65.0M | Series C, Jun 2021 |
 CoW Protocol |
DEXs | $23.0M | Token round, Mar 2022 |
 Backpack |
Wallet | $17.0M | Private round, Feb 2024 (close date) |
 Neutron |
No tag | $10.0M | Funding round, Jun 2023 |
 Sei Network |
Base layers | $5.0M | Seed, Aug 2022 |
 Trader Joe |
No tag | $5.0M | Strategic round, Sep 2021 |
 RhinoFi |
Payment | $5.0M | Strategic round, May 2021 |
 Pontem Network |
Tools | $4.5M | Seed, Jun 2021 |
 XDEFI Wallet |
Wallet | $1.2M | Seed, Mar 2021 |
 Hotstuff Labs |
No tag | - | No date stored |
How much did each company raise?
Those 10 companies hold $608.0M of the $891.7M disclosed across the whole set, and Hotstuff Labs is the 1 company whose single round discloses no amount at all.
Which funds invest alongside Delphi Digital?
NAUT records 166 other firms across these 53 rounds, and 17 of them share 5 or more rounds with the fund. Ranked by shared rounds, then by the companies those rounds sit in, so Rounds below is the count each firm shares with this fund.
| Firm | Rounds | Companies |
|---|---|---|
 Alliance DAO |
8 | 8 |
 The Spartan Group |
8 | 8 |
 Alameda Research |
7 | 7 |
 Animoca Brands |
7 | 6 |
 OKX Ventures |
7 | 6 |
 Robot Ventures |
6 | 6 |
 DeFiance Capital |
6 | 6 |
 GSR |
6 | 6 |
 Delphi Ventures |
6 | 6 |
 Beam (prev. Merit Circle) |
6 | 6 |
 Mechanism Capital |
5 | 4 |
 LongHash Ventures |
5 | 5 |
The separate Delphi Ventures row sits on 6 of these 53 rounds as a co-investor, which is the clearest sign of how NAUT splits the Delphi rows. Check which row a source names before you cite one in a pitch.
What the Delphi Digital portfolio tells a BD team
- The median round is $7.0M. Half of these rounds are that size or smaller, so a pitch built on the $891.7M headline aims at the wrong company size.
- 17 of the 53 rounds landed in 2024 or later. That is the live end of the list, from Almanak in August 2025 back through DoubleZero and Suilend.
- The co-investor list is a second rolodex. 17 of the 166 other firms share 5 or more rounds with the fund, so an introduction through one of them reaches the same table.
- 3 companies carry no sector tag. A tag search never surfaces Neutron, Trader Joe or Hotstuff Labs, so work from this list instead.
Any crypto VC portfolio list ages from the day it is counted, so this page carries the date it was read and links the row behind every number.
- Pick the group you sell intoDeFi holds 11 of the 47 companies, gaming 10 and infrastructure 9, so take 1 group and work it top down.
- Start at the live end17 of the 53 rounds were announced in 2024 or later, so those teams still have the budget in hand.
- Go through a co-investor17 firms share 5 or more rounds with Delphi Digital, so a warm path through Alliance DAO or The Spartan Group reaches the same table.
- Find the person on the NAUT pageEvery company above links to its page, which lists its team and the channels NAUT has on file for them.
What this tells a founder raising
- $17.1M is the average, $7.0M the median. The gap is 1 $150.0M round and 3 more above $50.0M, so size your ask against the median instead.
- Sector sets the band. The 8 AI rounds in this set average $28.1M against $7.9M across the 10 gaming rounds.
- 5 companies took a second round. Almanak, 0G, Allora Network, ArrowMarkets and Jambo each appear 2 or more times in this set, so a first cheque here can repeat.
- Name the right Delphi entity. NAUT holds 3 rows, and sources for 3 of the 10 largest rounds here name a Delphi entity other than this one.
- Place your round in the bandThe median round in this set is $7.0M and the average $17.1M, so frame the ask against the half at $7.0M or less.
- Read 3 comparable companiesOpen the NAUT page of the 3 nearest names in your sector group and read their rounds, their backers and their dates.
- Check the entityNAUT holds Delphi Digital, Delphi Ventures and Delphi Labs as separate rows, so cite the one the round's own source names.
- Line up a co-investor introAlliance DAO and The Spartan Group each share 8 of these 53 rounds, so an intro through them lands warm.
Related reading on NAUT: Polychain Capital portfolio: 70 companies, $28.9M average round and Crypto investor API: 474 rounds for 3 funds in 3 calls.
Can you pull this data through the NAUT API?
Yes. GET https://api.naut.so/v1/investors/delphi-digital with Authorization: Bearer $NAUT_KEY returns the fund with its team and its portfolio rows, each one carrying the company, roundType, amountUsd, announceDate and isLead, which are the same stored rows this page counts. A data call costs 5 credits, plans start at $49 a month for 3,000 credits, and the API docs and pricing list every parameter and plan. Verified Telegram, email and LinkedIn for the people at these companies unlock on any paid NAUT plan, so start a 7-day trial if you need the channels as well as the rounds.
Delphi Digital portfolio FAQ
How many companies are in the Delphi Digital portfolio?
NAUT tracks 47 companies backed by Delphi Digital as of 1 November 2026, across 53 distinct funding rounds announced between March 2021 and August 2025. The fund's own NAUT page counts all 59 stored investment rows; 6 of those repeat a raise already held under another source row, which is why this page counts 53.
What companies has Delphi Digital invested in?
The largest rounds in NAUT's set went to Injective at $150.0M, Sentient at $85.0M, 0G at $75.0M across 2 rounds, Arcus (Previously dYdX) at $65.0M and Celestia at $55.0M. By count the portfolio leans on DeFi (11 companies), gaming (10), infrastructure (9) and AI (6).
How much does Delphi Digital invest in a round?
Across the 52 rounds in NAUT's set that disclose a size, the median round was $7.0M and the average $17.1M, announced between March 2021 and August 2025. Those are the sizes of the whole round rather than the fund's own cheque, which these sources do not disclose.
Which funds invest alongside Delphi Digital?
NAUT records 166 other firms across these 53 rounds. Alliance DAO and The Spartan Group share 8 rounds each, followed by Alameda Research, Animoca Brands and OKX Ventures on 7.
Where can I find the teams at these 47 companies and how to reach them?
Each of the 47 companies above links to its NAUT page, which lists the people on the team and the channels NAUT holds for each of them, and GET https://api.naut.so/v1/projects/<slug> returns the same company with its team. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan, so start a 7-day trial to open the contact rows.
Sources
- dYdX's own Series C post, for the $65.0M round and this fund in it.
- Celestia's $55M announcement, for the October 2022 Series A and its investor list.
- TechCrunch on 0G Labs, for the $35.0M pre-seed, and The Block on the $40M seed.
- The Block on Eclipse Labs, for the $50.0M Series A.
- io.net's own announcement, for the $30.0M Series A.
- The 10 largest rounds in the set were each checked against a company announcement or a named press report on 1 November 2026. 6 of those 10 put this fund in the round; the other 4 are flagged in the data note above. The remaining rows were not checked one by one, so read that check as what it covered.
- NAUT's database, read on 1 November 2026. Every count, sum, average, median and sector group here is computed from those rows rather than copied from a tracker.