What's Next for Delphi

Delphi's retreat shows the firm uniting Research, Ventures, and Labs to capture AI–crypto convergence, scale startups, and build investment products that aim to pick next‑decade winners.

Key Takeaways

Unified 'hive mind': Research, Ventures, Labs now collaborate hands‑on—incubating 2–3 focused projects while consulting funds research and accelerators train founders.
Delphi Intelligence: dedicated crypto↔AI investment arm combining direct early-stage bets, crypto‑AI plays, fund‑of‑funds (7–10 managers) and late‑stage SPVs to access ~200 deals/year.
Capital approach: prioritize in‑house conviction capital, use SPVs for large upsizes, avoid LP administrative friction; SPVs often supply 30–50% of deal capital with network co‑investors.
Product & token practice: launched economic design studio and token designs with UI/UX; Legion scores investors to optimize cap‑table value and distribution outcomes.
Team & ops: rehired ops/legal, split work into three businesses but unify brand; retreats accelerate onboarding, informal deal flow, and cross‑team collaboration.
Macro thesis: AI and crypto are converging—stablecoins, tokenized assets, and treasury demand reshape finance; expect new major tech winners, potentially crypto‑native firms.

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