Firms can minutely slice and dice data on platforms like Facebook to target a select group of users. Mnemonic, a data analytics firm, wants to help businesses and developers do the same—but in the world of Web3.
On Wednesday, the company announced that it's raised $6 million in a seed-extension round led by Salesforce Ventures, bringing the total amount raised since the firm's launch in 2021 to $10 million. Other participants include Polygon Ventures, Orange DAO, FIN Capital, and FJ Labs. Andrii Yasinetsky, cofounder and CEO of Mnemonic, declined to provide a valuation.
“Increasingly, we’ve seen a lot of interest from enterprises who want to understand and tap into Web3 to build trusted digital communities, and turn relevant data into actionable insights," Laura Rowson, a senior associate at Salesforce Ventures, said in a statement.
In addition to the basic APIs, or methods through which developers can easily get data, that Mnemonic provides for blockchains like Ethereum, Polygon, and Base, the company also has more complex functionality. Specifically, it uses A.I. to categorize wallets, identify bots, and filter spam.
“We essentially want to create this feature where Web3 experiences are personalized and transparent,” Yasinetsky told Fortune.
Mnemonic’s recent funding round comes as a suite of companies look to make the often bewildering terrain of Web3 more navigable, and in the process, raise serious capital. Dune, Messari, and Alchemy have all raised tens of millions in the past year-and-a-half. And other upstarts, like Sesame Labs, have more recently announced fundraises.
Like many a startup founder, Yasinetsky, who originally hails from Ukraine, found a foothold in Silicon Valley through Google, where he worked for years before he moved on to another tech staple, Uber.
After his tenure at the ridesharing company, he met Elena Ikonomovska, another Google veteran, through Ben Metcalfe, a former Uber employee. All three cofounded Mnemonic to, at first, provide developers and businesses with the ability to perform basic data queries on Ethereum to, say, find all wallets that hold a specific NFT.
Since then, they have expanded the company’s offerings to include more abstract categorizations powered by machine learning. For example, a developer can use Mnemonic to not only find all Ethereum wallets that hold a specific NFT but eliminate all addresses that Mnemonic’s A.I. model deems to be a bot.
Perhaps its biggest-name client is Coinbase, but the company, which currently has 10 employees, is also partnering with Salesforce Cloud.
With the injection of capital, Yasinetsky told Fortune that, in addition to growing Mnemonic’s team, the plan is to keep building out the suite of A.I.-powered products, and that, ultimately, the company can become “a de facto Web3 data intelligence provider for businesses, developers, enterprises, and brands.”
