# Delphi Ventures: portfolio, investments and team

> Delphi Ventures is a vc firm based in United States. 125 investments on record, latest Oct 2025. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/delphi-ventures (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Delphi Ventures

Filed with the SEC to raise a fund in May 2026, closing $1M. Last cheque observed Oct 2025.

Email

Quiet New fund $1.4M, May 2026 VC firm

Growth Pre-seed Seed Apps Audio Consumer

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Cheques on record

**0%** of best year **0** **cheques in 12 months**, 125 on record

Since the last cheque **376** days **00** hrs **00** min **00** sec

Median round **$5.0M** Rounds led **1 of 125** Sole investor **6 rounds** Exits **15 from the portfolio** Mostly in **United States, 54%**

Pitch Delphi Ventures

Another investor of this name exists, and we could not establish from the rounds which of them the press meant. Treat the record below as possibly belonging to either. [Tell us which](https://millionrounds.com/corrections?slug=delphi-ventures) if you know.

## Delphi Ventures highlights

- 01 125 rounds on record
- 02 Mostly Series C and Seed: 39% of its rounds
- 03 Sole investor in 6 rounds, median $20M
- 04 15 exits from the portfolio

## What they do

> Filed 1 private fund offerings with the SEC, the most recent in 2026-05 From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Growth Pre-seed Seed Series A Series B
- **Sectors:** Apps Audio Consumer
- **Based in:** San Mateo, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **125 appearances**

- **2025** 6 rounds
- **Oct** **[375ai](https://millionrounds.com/company/375ai)** Ventureburn **$10M** *Led*
- **Sept** **[Sophont](https://millionrounds.com/company/sophont)** Seed · US **$9.2M** With 3 others
- **Jul** **[STON.fi](https://millionrounds.com/company/ston-fi)** Series A **$9.5M** With 3 others
- **Jun** **[Inference Labs](https://millionrounds.com/company/inference-labs)** Seed · CA **$5.3M** With 2 others
- **Apr** **[Spectarium](https://millionrounds.com/company/spectarium)** Venture · FI **Undisclosed** With 2 others
- **Apr** **[ORO AI](https://millionrounds.com/company/oro-ai)** Seed · US **$6.0M** With 2 others
- **2024** 9 rounds
- **Nov** **[Pond](https://millionrounds.com/company/pond)** Seed · US **$7.5M** With 2 others
- **Nov** **[Pulse](https://millionrounds.com/company/pulse)** Pre-seed · US **$1.8M** With 2 others
- **Oct** **[Citrea](https://millionrounds.com/company/citrea)** Series A · KY **$14M** With 3 others
- **Aug** **[Rivalz Network](https://millionrounds.com/company/rivalz-network)** Seed · US **$9.0M** With 3 others
- **Apr** **[Inference Labs](https://millionrounds.com/company/inference-labs)** Seed · CA **$2.3M** With 2 others
- **Mar** **[Arrow Markets](https://millionrounds.com/company/arrow-markets)** Series A · US **$4.0M** With 3 others
- **Feb** **[Play](https://millionrounds.com/company/play)** Seed **$3.0M** With 2 others
- **Feb** **[Backpack](https://millionrounds.com/company/backpack)** Series A · US **$17M** With 3 others
- **Feb** **[Chainway Labs](https://millionrounds.com/company/chainway-labs)** Seed · KY **$2.7M** Sole investor
- **2023** 7 rounds
- **Oct** **[HYTOPIA](https://millionrounds.com/company/hytopia)** Seed · US **$3.0M** Sole investor
- **Sept** **[Spectarium](https://millionrounds.com/company/spectarium)** Seed · FI **$5.3M** With 2 others
- **Jun** **[Neutron](https://millionrounds.com/company/neutron)** Seed · KY **$10M** With 3 others
- **May** **[Godmode](https://millionrounds.com/company/godmode)** Venture · GB **$2.5M** With 3 others
- **Apr** **[MCDEX](https://millionrounds.com/company/mcdex)** Venture **Undisclosed** With 2 others
- **Mar** **[Jungle](https://millionrounds.com/company/jungle)** Seed · BR **$6.0M** With 4 others
- **Feb** **[Tatsumeeko](https://millionrounds.com/company/tatsumeeko)** Venture · SG **Undisclosed** With 4 others
- **2022** 10 rounds
- **Nov** **[Mirage](https://millionrounds.com/company/mirage)** Seed · US **$1.4M** Sole investor
- **Nov** **[APWine](https://millionrounds.com/company/apwine)** Seed · FR **$2.6M** With 2 others
- **Oct** **[Skylock](https://millionrounds.com/company/skylock)** Seed · CA **$1.3M** With 2 others
- **Jul** **[Cardinal](https://millionrounds.com/company/cardinal)** Seed · US **$4.4M** With 3 others
- **Mar** **[Crypto Raiders](https://millionrounds.com/company/crypto-raiders)** Venture · US **$6.0M** With 2 others
- **Jan** **[EnterDAO](https://millionrounds.com/company/enterdao)** Seed · BG **$1.8M** With 1 other
- **Jan** **[BreederDAO](https://millionrounds.com/company/breederdao)** Series A **$10M** With 3 others
- **Jan** **[DOOMSDAYX](https://millionrounds.com/company/doomsdayx)** Pre-seed · US **$1.5M** With 1 other
- **Jan** **[Ctrl Wallet](https://millionrounds.com/company/ctrl-wallet)** Venture · GB **Undisclosed** With 2 others
- **Jan** **[Legacy Labs](https://millionrounds.com/company/legacy-labs)** Seed · US **$7.0M** With 3 others
- **2021** 3 rounds
- **Nov** **[ALL-ART](https://millionrounds.com/company/all-art)** Venture · ES **$4.5M** With 3 others
- **Oct** **[Laguna Games](https://millionrounds.com/company/laguna-games)** Seed · US **$5.0M** With 4 others
- **Jul** **[Solrise Finance](https://millionrounds.com/company/solrise-finance)** Seed · GB **$3.4M** With 4 others
- **2015** 1 round
- **May** **[AEGEA Medical](https://millionrounds.com/company/aegea-medical)** Series C · US **$36M** With 5 others
- **2014** 5 rounds
- **Sept** **[Ivantis](https://millionrounds.com/company/ivantis)** Series B · US **$25M** With 7 others
- **Jul** **[EBR Systems](https://millionrounds.com/company/ebr-systems)** Venture · US **$20M** With 5 others
- **Jun** **[Senseonics](https://millionrounds.com/company/senseonics)** Venture · US **$20M** With 4 others
- **Apr** **[Sequent Medical](https://millionrounds.com/company/sequent-medical)** Series D · US **$20M** With 3 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **11 named**

AL **Anil Lulla** Member i Form ADV

AT **Augustus Tye Merlo** Executive Officer i Filing they signed

DA **Drew Austin Henderson** Executive Officer i Filing they signed

KK **Kevin Kelly** Member i Form ADV

LS **Luke Saunders** Member i Form ADV

MD **Medio Demarco** Member i Form ADV

PC **Piers Charles Kicks** Director i Filing they signed

SH **Sarah Helena Brennan** Executive Officer i Filing they signed

TA **Thomas Andrew Shaughnessy Jr** Director i Filing they signed

TS **Thomas Shaughnessy** Member; Manager i Form ADV

YL **Yan Liberman** Member; Manager i Form ADV

We also hold **15** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$33M** gross assets of its funds Oct 2026

**1+** funds on file numbered funds in its name

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Delphi Ventures General Partner LLC
- **SEC number:** CRD 320814

## Exits from the portfolio

Companies it backed that were later bought or listed **15 in all**

**[Pivot Medical](https://millionrounds.com/company/pivot-medical)** Bought by Stryker Corporation **Undisclosed** Jan 2014

**[Karyopharm Therapeutics](https://millionrounds.com/company/karyopharm-therapeutics)** Listed **Undisclosed** Nov 2013

**[OncoMed Pharmaceuticals](https://millionrounds.com/company/oncomed-pharmaceuticals)** Listed **$82M** Jul 2013

**[Barosense](https://millionrounds.com/company/barosense)** Bought by [Boston Scientific](https://millionrounds.com/fund/boston-scientific) **Undisclosed** Jul 2013

**[PTC Therapeutics](https://millionrounds.com/company/ptc-therapeutics)** Listed **$125M** Jun 2013

**[Cameron Health](https://millionrounds.com/company/cameron-health)** Bought by [Boston Scientific](https://millionrounds.com/fund/boston-scientific) **Undisclosed** Jun 2012

**[KAI Pharmaceuticals](https://millionrounds.com/company/kai-pharmaceuticals)** Bought by [Amgen](https://millionrounds.com/fund/amgen) **$315M** Apr 2012

**[BARRX Medical](https://millionrounds.com/company/barrx-medical)** Bought by [Covidien](https://millionrounds.com/fund/covidien) **$325M** Nov 2011

**[Aragon Surgical](https://millionrounds.com/company/aragon-surgical)** Bought by Aesculap **Undisclosed** Sept 2011

**[Acclarent](https://millionrounds.com/company/acclarent)** Bought by [Johnson & Johnson](https://millionrounds.com/fund/johnson-and-johnson) **$785M** Dec 2009

**[Primaeva Medical](https://millionrounds.com/company/primaeva-medical)** Bought by Syneron Medical **$30M** Oct 2009

**[Evalve](https://millionrounds.com/company/evalve)** Bought by [Abbott Labs](https://millionrounds.com/fund/abbott-labs) **$410M** Sept 2009

**[Reliant Technologies](https://millionrounds.com/company/reliant-technologies)** Bought by Thermage **$66M** Jan 2009

**[LipoSonix](https://millionrounds.com/company/liposonix)** Bought by [Medicis Pharmaceutical](https://millionrounds.com/fund/medicis-pharmaceutical) **$300M** Jun 2008

**[Adiana](https://millionrounds.com/company/adiana)** Bought by [Cytyc](https://millionrounds.com/fund/cytyc) **$215M** Feb 2007

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$1.4M**

raised in May 2026

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Growth Pre-seed Seed

Median round joined **$5.0M** the round, not its cheque Alone, median **$20M**

Led 1 of 125 rounds **1%**

- **Sole investor:** 6 rounds
- **Last cheque:** Oct 2025
- **Exits:** 15 from the portfolio

Rounds by stage said on their site

- Series C *21*
- Seed said *20*
- Series B said *20*
- Venture *16*
- Series D *16*
- Series A said *13*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) 18
- [Alloy Ventures](https://millionrounds.com/fund/alloy-ventures) 9
- [Affinity Capital Management](https://millionrounds.com/fund/affinity-capital-management) 8
- [De Novo Ventures](https://millionrounds.com/fund/de-novo-ventures) 8
- [Novo Holdings A/S](https://millionrounds.com/fund/novo-holdings-a-s) 8
- [Advanced Technology Ventures](https://millionrounds.com/fund/advanced-technology-ventures) 7

**Pitching Delphi Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Delphi Ventures. A count of rooms they were both in, not a relationship either has claimed.

[**New Enterprise Associates** VC firm **18** rounds together](https://millionrounds.com/fund/new-enterprise-associates)[**Alloy Ventures** VC firm **9** rounds together](https://millionrounds.com/fund/alloy-ventures)[**Affinity Capital Management** VC firm **8** rounds together](https://millionrounds.com/fund/affinity-capital-management)[**De Novo Ventures** Growth equity **8** rounds together](https://millionrounds.com/fund/de-novo-ventures)[**Novo Holdings A/S** Growth equity **8** rounds together](https://millionrounds.com/fund/novo-holdings-a-s)[**Advanced Technology Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/advanced-technology-ventures)[**BITKRAFT Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/bitkraft-ventures)[**Frazier Healthcare Partners** Private equity **7** rounds together](https://millionrounds.com/fund/frazier-healthcare-partners)[**GBS Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/gbs-venture-partners)[**HBM BioVentures** Growth equity **7** rounds together](https://millionrounds.com/fund/hbm-bioventures)[**Three Arch Partners** Growth equity **7** rounds together](https://millionrounds.com/fund/three-arch-partners)[**Versant Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/versant-ventures)

## Recently backed

The latest companies Delphi Ventures put money into.

[**375ai** $10M · Oct 2025](https://millionrounds.com/company/375ai)[**Sophont** $9.2M · Sept 2025](https://millionrounds.com/company/sophont)[**STON.fi** $9.5M · Jul 2025](https://millionrounds.com/company/ston-fi)[**Inference Labs** $5.3M · Jun 2025](https://millionrounds.com/company/inference-labs)[**Spectarium** Apr 2025](https://millionrounds.com/company/spectarium)[**ORO AI** $6.0M · Apr 2025](https://millionrounds.com/company/oro-ai)

## Quick answers about Delphi Ventures

### What does Delphi Ventures invest in?

Delphi Ventures invests most often at Series C and Seed (39% of the rounds on record), in sectors such as Apps, Audio and Consumer.

### How active is Delphi Ventures?

125 investments on record, 0 of them in the last 12 months, and it led 1. The most recent was in Oct 2025.

### What has Delphi Ventures invested in recently?

Its most recent investments on record: 375ai (Undisclosed round, Oct 2025), Sophont (Seed, Sept 2025) and STON.fi (Series A, Jul 2025).

### How big are Delphi Ventures's cheques?

The median round it joins is $5.0M.

### Does Delphi Ventures lead rounds?

Sometimes: it led 1 of its 125 investments on record (1%).

### Where does Delphi Ventures invest?

Most of the companies it backs are in the United States (54%), Canada (9%) and Cayman Islands (9%).

### Is Delphi Ventures investing now?

No investments in the last 12 months; the latest was in Oct 2025.

### Who does Delphi Ventures invest alongside?

Most often New Enterprise Associates (18 rounds together), Alloy Ventures (9 rounds together) and Affinity Capital Management (8 rounds together).

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