Salesforce invests $6M in Mnemonic, an AI-backed Web3 data platform.

Mnemonic, a company that provides data and analytics using non-fungible tokens (NFTs) backed by artificial intelligence (AI), has raised $6 million in a seed extension round. The funding was led by Salesforce Ventures, with participation from Polygon Ventures, Orange DAO, FIN Capital, and FJ Labs. Salesforce plans to use Mnemonic’s technology in its Web3-related customer relationship management (CRM) products.

The funding comes at a time when the crypto market has been experiencing a bearish trend, leading to increased focus on infrastructure projects that could help bring more Web2 users into Web3 technologies. In addition, AI-related technologies have become increasingly popular in the crypto industry, with Gensyn, a provider of blockchain-based computing resources for AI, raising $43 million in a round led by investment firm Andreessen Horowitz.

Mnemonic’s aim is to empower businesses to thrive in Web3 by providing a comprehensive view of how customers interact with their brand across traditional and emerging digital channels. With the integration of Mnemonic’s insights into Salesforce Web3, customers can make better data-driven decisions on critical aspects such as partner selection, Web3 product pricing, and audience targeting for airdrops. Mnemonic offers APIs that provide NFT data, analytics, and insights to help developers and businesses 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.

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.

Edited by Sheldon Reback.