Salesforce Ventures Leads $6M Seed Extension for AI-NFT Firm Mnemonic

Artificial Intelligence (AI) backed Non-Fungible Token (NFT) analytics firm, Mnemonic, has successfully raised $6 million in a seed extension round. The funding initiative was spearheaded by Salesforce Ventures and saw active participation from Polygon Ventures, Orange DAO, FIN Capital, and FJ Labs. Salesforce plans to incorporate Mnemonic’s technology into its customer relationship management (CRM) products that cater to Web3.

Web3 Infrastructure

The funding comes at a time when the crypto market is witnessing a downturn, thus amplifying the emphasis on infrastructure projects. These projects aim at integrating more Web2 users into the Web3 ecosystem. Crypto-related AI technologies have been gaining traction recently. One instance is Gensyn’s $43 million funding, an enterprise providing AI-compatible blockchain resources, secured in a round led by 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,” stated Max Comparetto, co-founder of Salesforce’s Web3 Studio. He added that Mnemonic’s integration into Salesforce Web3 would enable data-driven decision-making concerning partner selection, Web3 product pricing, and audience targeting for airdrops.

Mnemonic, based in San Francisco, offers APIs that present NFT data, analytics, and insights, assisting enterprises and developers in designing Web3 products and experiences swiftly and dependably. This data encompasses real-time advanced sales price data, marketplace activity, and NFT trait details, facilitating personalized recommendations and filtering.

Mnemonic’s co-founder and CEO, Andrii Yasinetsky, shared,“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.” Besides Yasinetsky, Mnemonic’s founding team includes Chief AI Officer Elena Ikonomovska, a former data scientist at Reddit, and Ben Metcalfe, who is currently not involved in the day-to-day operations of the startup.

With an aim to address business challenges in Web3, Mnemonic has shifted its focus towards enhancing engagement, personalization, transparency, and exploring new revenue streams, all powered by Mnemonic-provided data and analytics.