A recent seed extension round, led by Salesforce Ventures, has raised $6 million for Mnemonic, an AI-fueled non-fungible token (NFT) data and analytics provider that focuses on enterprise and Web3 developers. Supporters of the funding round included Polygon Ventures, Orange DAO, FIN Capital, and FJ Labs. Through this partnership, Salesforce will integrate Mnemonic’s technology into its own Web3-related customer relationship management (CRM) products.
The fundraising success comes amidst a prolonged crypto bear market, highlighting the increasing interest in infrastructure projects that bridge the gap between Web2 and Web3 technologies. There has been growing popularity in AI-fueled technologies such as Gensyn, which recently raised $43 million for its blockchain-based AI computing resources, backed by leading investment firm Andreessen Horowitz.
In an effort to help organizations excel in the Web3 domain, Max Comparetto, co-founder of Salesforce’s Web3 Studio, announced their intention to provide a comprehensive view of customer-brand interactions via traditional and evolving digital channels. By incorporating Mnemonic’s insights within Salesforce Web3, customers will be able to make data-driven decisions on critical aspects such as partner selection, Web3 product pricing, and audience targeting for airdrops.
San Francisco-based Mnemonic provides application programming interfaces (APIs) to offer the essential NFT data, analytics, and insights necessary for enterprises and developers in creating Web3 products and experiences efficiently and reliably. Such data encompasses real-time sales price information, marketplace activities, and NFT trait details for filtering as well as personalized recommendations. Additionally, Mnemonic has incorporated spam detection to eliminate noise and safeguard users against less reputable NFT collections, emphasizing the need to enhance user safety.
Mnemonic was initially founded with the goal of enabling developers and businesses with comprehensive, real-time, high-quality data derived from the blockchain, a resource that has proven difficult to index and process. Its business focus has since evolved to emphasize Web3 adoption challenges, aiming to improve customer engagement, personalization, and transparency, as well as discover new revenue streams through Mnemonic’s data and analytics.
The latest funding will enable Mnemonic to build on its use cases, improve its analytics, expand market reach, and develop its partner ecosystem more thoroughly. Near-future plans for the company include supporting Base testnet, a layer 2 incubated by crypto exchange Coinbase, and providing Base NFT API support for the Base mainnet upon its launch within the coming months.
Source: Coindesk
