AI-backed crypto data platform Mnemonic raises $6 million in Salesforce-led round
Mnemonic, a provider of artificial intelligence-powered non-fungible token (NFT) data and analytics for enterprises and Web3 developers, raised $6 million in a seed expansion round led by Salesforce Ventures with participation from Polygon Ventures, Orange DAO, FIN Capital and FJ Labs. Salesforce will use the technology in its Web3-related CRM products.
The funding comes amid an extended crypto bear market that has increased focus on infrastructure projects that can bring more Web2 users into Web3 technologies. AI-related technologies have also seen a recent surge in popularity in crypto, including the $43 million fundraising for Gensyn, a provider of blockchain-based computing resources for AI, in a round led by well-known investment firm Andreessen Horowitz.
“Our goal is to empower organizations to thrive in Web3 by giving them a holistic view of how customers interact with their brand across traditional and new digital channels,” Max Comparetto, co-founder of Salesforce’s Web3 Studio, said in a statement . “With the integration of Mnemonics’ 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 provides application programming interfaces (APIs) that provide NFT data, analytics and insights to help developers and businesses create Web3 products and experiences faster and more reliably. The data includes advanced real-time sales price data, market activity and details of NFT properties for filtering and personalized recommendations. Mnemonic also includes spam detection to remove noise and protect users from less reputable NFT collections.
“We first started with the idea of just enabling developers, businesses, and enterprises to build with high-quality, real-time, comprehensive data sourced 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 Google and Uber veteran 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 obstacles in Web3, Yasinetsky said. That includes improving engagement, personalization, transparency and discovering new revenue streams – all powered by Mnemonic-provided data and analytics.
The new funding will help Mnemonic build out its use cases, deepen its analytics offering, expand its market reach and strengthen its partner ecosystem. The company’s short-term roadmap includes support for the testnet of Base, a layer 2 incubated by crypto exchange Coinbase. The Mnemonics Base NFT API will also support the Base mainnet when it launches in the coming months.
