Algo investment advisor Delphia secures $60 million in Series A round

Algorithmic investment adviser firm Delphia secured $60 million in a Series A funding round led by crypto venture firm Multicoin Capital.

Other participants in the round include Ribbit Capital, FTX Ventures, Valor Equity Partners, FJ Labs, Lattice Ventures, Cumberland, Thomas Bailey from Road Capital, and M13. 

The new capital will be put towards the launch of the firm's native rewards token, as well as expand its user base and the way investors can contribute data, per an announcement Wednesday.

"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," said Delphia CEO Andrew Peek.

The firm analyzes personal data shared by members to make investment decisions. It offers actively managed investment strategies, as well as a hedge fund for accredited investors.

Delphia now plans to use its native token to reward investors who contribute their own data to the "algo-advisor," starting this summer. Those tokens could then be traded or redeemed for membership benefits.