FinTech startup Delphia buys Fathom Privacy
Delphia recently purchased Fathom Privacy (“Fathom”), a New York-based data rights company. Fathom’s data packaging and data-sharing technology will allow contributors to have more control and oversight on how their data is used. Delphia’s CEO, Andrew Peek, emphasizes the use of “ethical data” in his company’s pursuit of revolutionizing the investment industry; he hopes the purchase of Fathom is the first step in that direction.
Delphia is a Toronto-based FinTech startup that leverages artificial intelligence (“AI”) to forecast growth and profitability in public companies up to seven quarters in the future. Delphia uses consumer spending insights, employment patterns, and public opinion data sourced from social media to make such predictions; it alleges that these resources were previously only available to certain institutional investors. Layered on top of these resources is live consumer and financial data consensually provided by the Delphia community. Delphia hopes that by giving users more control over their data, it will further incentivize new users to join, thereby increasing the quantity of data points to train and refine its AI.
Before its bankruptcy, FTX Ventures participated in Delphia’s $75.2 million Series A financing. While its major crypto investor has now gone under, Delphia continues to pursue investment in the crypto-sphere boasting its own token, PHI, which it provides to users who are substantial participants in Delphia’s data-sharing community. By providing their opinions on current events and market trends, users can earn PHI for their accurate predictions.
Delphia’s purchase of Fathom comes at a good time as Canada is set to enact its most modern piece of privacy legislation, the Consumer Privacy Protection Act, in 2023, which will force companies like Delphia to give significant control back to users – a move that Delphia hopes to pre-empt.
