Mnemonic, a provider of artificial intelligence-backed non-fungible token (NFT) data and analytics for enterprises and Web3 developers, raised $6 million in a seed extension round led by Salesforce Ventures with the participation of Polygon Ventures, Orange DAO, FIN Capital and FJ Labs. Salesforce will use the technology in its Web3-related customer relationship management (CRM) products.
The funding comes during an extended crypto bear market that has increased the focus on infrastructure projects that could bring more Web2 users into Web3 technologies. AI-related technologies have also had a recent surge of popularity in crypto, including the $43 million fundraise for Gensyn, a provider of blockchain-based computing resources for AI, in a round led by noted investment firm Andreessen Horowitz.
“Our aim is to empower organizations to thrive in Web3 by providing them with a holistic view of how customers interact with their brand across traditional and emerging digital channels,” Max Comparetto, co-founder of Salesforces’ Web3 Studio, said in a statement. “With the integration of Mnemonic's insights into Salesforce Web3, we can help customers make better data-driven decisions on critical aspects such as partner selection, Web3 product pricing and audience targeting for airdrops.”
San Francisco-based Mnemonic offers application programming interfaces (APIs) that provide NFT data, analytics and insights to help developers and enterprises create Web3 products and experiences in a faster, more reliable way. The data includes real-time advanced sales price data, marketplace activity, and NFT trait details for filtering and personalized recommendations. Mnemonic also includes spam detection to remove noise and help protect users from less reputable NFT collections.
“We initially started with the idea of just enabling developers, enterprises and businesses to build with comprehensive, real-time, high-quality data that is derived from the blockchain because it’s very difficult to index and process that data.” Andrii Yasinetsky, Mnemonic co-founder and CEO, said in an interview with CoinDesk. Yasinetsky, a veteran of Google and Uber who holds several patents related to self-driving vehicle technology, co-founded Mnemonic with Chief AI Officer Elena Ikonomovska (a former Reddit data scientist) and Ben Metcalfe, who is not involved in the startup’s day-to-day operations.
The company has since evolved to focus on business use cases and hurdles in Web3, said Yasinetsky. That includes improving engagement, personalization, transparency and discovering new revenue streams – all powered by the Mnemonic-provided data and analytics.
The new funding will help Mnemonic build out its use cases, deepen the analytics offered, expand its market reach and strengthen its partner ecosystem. The company currently supports the testnet of Base, a layer 2 incubated by crypto exchange Coinbase. Mnemonic’s Base NFT API will also support the Base mainnet once it launches in the coming months.
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