Mnemonic Raises $6 Million in Seed Funding

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Mnemonic raised $6 million in seed funding led by Salesforce Ventures. The investment aims to boost Web3 CRM products and attract Web2 users. Meanwhile, crypto startups TaxNodes and Cloudbankin also secured funding to simplify tax computation and enhance financial software solutions, respectively.

Mnemonic Raises $6 Million in Seed Funding

Mnemonic has secured $6 million in additional seed funding recently. The company specializes in the provision of data and analytics for enterprises and Web3 developers using artificial intelligence-backed non-fungible tokens (NFTs),

The funding round was led by Salesforce Ventures, with participation from Polygon Ventures, Orange DAO, FIN Capital, and FJ Labs. Salesforce plans to incorporate Mnemonic’s technology into its Web3-related customer relationship management (CRM) products.

This funding comes at a time when the crypto market is experiencing a prolonged bear market, which has spurred increased interest in infrastructure projects that can facilitate the transition of Web2 users to Web3 technologies.

AI-related technologies have also gained popularity in the crypto space, as evidenced by the recent $43 million fundraising round for Gensyn, a provider of blockchain-based computing resources for AI, with Andreessen Horowitz leading the investment.

Max Comparetto, co-founder of Salesforce’s Web3 Studio, expressed the company’s goals by saying “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,”

“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.”

Mnemonic, with its headquarters situated in San Francisco, offers a range of cutting-edge application programming interfaces (APIs) that empower developers and enterprises to enhance the efficiency and reliability of their Web3 product development and experiences.

Their APIs offer NFT data, analytics, and insights, including real-time advanced sales price data, marketplace activity, and NFT trait details for filtering and personalized recommendations. Mnemonic also includes spam detection mechanisms to eliminate noise and enhance user protection against less reputable NFT collections.

Andrii Yasinetsky, co-founder and CEO of Mnemonic, explained that their initial focus was on providing comprehensive, real-time, and high-quality blockchain data to enable developers, enterprises, and businesses to build with ease.

Yasinetsky, a veteran of Google and Uber, co-founded Mnemonic with Chief AI Officer Elena Ikonomovska (formerly a data scientist at Reddit) and Ben Metcalfe, who is not currently involved in the startup’s day-to-day operations.

Over time, Mnemonic has shifted its focus to address business use cases and challenges in Web3, including enhancing engagement, personalization, transparency, and the discovery of new revenue streams. This is achieved through the utilization of Mnemonic’s data and analytics solutions.

The recently secured funding will support Mnemonic in expanding its range of use cases, enriching the available analytics, extending its market reach, and strengthening its partner ecosystem.

The company is currently supporting the testnet of Base, a layer 2 protocol developed by crypto exchange Coinbase. Additionally, Mnemonic’s Base NFT API will also be compatible with the Base mainnet upon its forthcoming launch.

Crypto Startups Join Mnemonic in Riding Funding Wave

While Mnemonic garnered a massive funding, other startups too weren’t left behind. TaxNodes, a platform specializing in cryptocurrency tax computation, has successfully secured $1.6 million in seed funding from a group of esteemed angel investors.

The investors include Rahul Pagidipati from ZebPay, Nischal Shetty from WazirX, Ashish Singhal from CoinSwitch, and Ajeet Khurana from Reflexical. This funding will be allocated towards research and development initiatives as well as expanding the range of product offerings.

Avinash Shekhar founded TaxNodes in 2022 with the goal of simplifying the complex process of tax computation, especially in the realm of cryptocurrency. The platform boasts a dedicated team focused on streamlining taxes, particularly in the crypto sector.

TaxNodes is also working towards assisting crypto exchanges in enhancing their internal controls, automating reconciliation and accounting processes.

Avinash Shekhar expressed that this funding will enable TaxNodes to provide a comprehensive solution for crypto enthusiasts, making it more convenient for them to fulfill their tax obligations.

On the other hand, SaaS startup Cloudbankin (formerly known as Habile Technologies) has secured $400,000 in funding from a bunch of investors. The startup intends to utilize the capital to expand its range of products and address the challenges faced by larger financial institutions.

With this funding, Cloudbankin aims to enhance its artificial intelligence (AI)-based low-code platform, allowing for customizable workflows and seamless integrations for various financial products, such as business loans, loan against property, housing loans, gold loans, buy now pay later options, and personal loans. The plan is to launch these enhancements within a span of three weeks.

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