Cere Network, a San Francisco-based blockchain customer relationship management (CRM) startup, has completed a $3.5 million funding round.
The seed round involved major global blockchain investors, including Binance Labs, a venture arm of Binance, the second biggest crypto exchange by trading volumes to date. Other investors included 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.
Alongside with the investment, Cere Network announced the launch of a new office in New York, as well as plans to set up the Cere Network Innovation Factory in Berlin during Berlin Blockchain Week, which will be held between Aug. 18 and Aug. 29.
One of the most rapidly evolving industries
Founded by Silicon Valley veterans with tech expertise from Amazon, Twitch and Bebo, Cere Network plans to disrupt the rapidly developing CRM industry. According to the press release, global spending on CRM solutions surged by almost 16% in 2018 and reached $48 million.
By applying blockchain technology to CRM, Cere Network intends to expand the limited pool of data shared in CRM, also ensuring privacy and security of data, the press release notes.
Feng Xiao, general partner at China-based $50 million crypto fund Fenbushi Capital, stressed Cere Network’s potential to address interoperability issues across multiple industries.
Earlier in July, Cointelegraph reported on Cere Network receiving a strategic funding from Binance Labs, Arrington XRP Capital and NEO Global Capital. A participant of Binance Labs’ incubation program, Cere is also the issuer of incentive token CERE, which is used to motivate people to run blockchain nodes.
Last week, global CRM giant Salesforce certified first ever artwork-painted Lamborghini Aventador S through its blockchain platform.