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Cere Network, a San Francisco-based blockchain customer relationship management (CRM) solution provider, has secured $3.5 million in a seed funding round.
The funding was participated by major investors including Binance Labs, the venture arm of cryptocurrency exchange Binance. Other investors are Neo Global Capital, Fenbushi Capital, Arrington XRP Capital, Kenetic Capital, Alphabit Fund, Block VC, Kosmos Capital, LD Capital, Monday Capital, Pre Angel Fund, and Republic Labs.
Founded in 2017 by Silicon Valley veterans from Amazon, Twitch, and Bebo, the company aims to disrupt the CRM space, which is one of the most competitive software categories with a reported $48 billion market cap in 2018. Being a blockchain-native firm, Cere Network is attempting to use this advantage to deploy its new technology in the industry.
“By building a complete solution on the blockchain, we are solving for CRM/CDP’s biggest issues in customization, efficiency, and secure and privacy-preserving data sharing,” Cere Network Co-Founder and CEO Fred Jin said.
As per a press release published in PE Hub Network, its technology will capture the entire user activity data and store information on a secure and decentralized system integrated into the Cere blockchain. Companies will use permissioned proxy keys to access the platform, allowing customers to ensure secure user data sharing and execute direct user acquisition across apps and brands.
As reported by CoinDesk, the firm provides a blockchain service that will integrate different customer relations platforms for businesses. Cere told the news outlet that customers are increasingly seeking substitutes to Salesforce and other mainstream CRM solutions.
The funding will reportedly be divided 70-30 between tech development and marketing and administrative work.
Meanwhile, the company also announced that it has opened a New York office and will launch the Cere Network Innovation Factory in Berlin during Berlin Blockchain Week from August 18 to 29, 2019.
In April, Binance Labs also awarded a total of $45,000 to its first three open-source Fellowship project, namely, Grin blockchain mobile wallet Ironbelly, privacy-preserving messaging protocol HOPR, and upgradeable on-chain wallet Kitsune Wallet.
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