Quick take:
- The strategic funding round was led by Microsoft’s M12 fund.
- Framework Ventures, Polygon, Hashkey and others also participated in the round.
- Funds will be used to accelerate engineering and product development.
Web3 data platform, Space and Time, today announced that it has raised $20 million in a strategic funding round led by Microsoft’s M12 fund, TechCrunch first reported.
Other investors participating in the funding round include Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Stratos, Hash Capital, Coin DCX and other Web3 communities and angel investors.
Space and Time is a decentralised data warehouse that connects on-chain and off-chain data in a trustless environment that enables the creation, joining and querying of immutable and mutable tables secured by cryptography.
The new funds will be used to accelerate engineering and product development, with over 90% of the funds dedicated to the product and customer adoption of Space and Time.
Developed as part of Chainlink Labs’ Startup with Chainlink initiative, Space and Time gives users and developers the ability to connect analytics directly to smart contracts through novel Proof of SQL cryptography. This means that business logic in centralised systems can be automated in a secure way.
As part of the Startup with Chainlink program, Space and Time will be working closely with Chainlink to allow blockchain developers to build multichain dApps and rapidly generate analytical insights in a decentralised manner.
“We are excited to announce the strategic support of M12 and Microsoft, and extend our partnership with Chainlink,” said Nate Holiday, co-founder and CEO of Space and Time. “We are committed to automating the business logic of the world by directly connecting smart contracts to Space and Time’s data warehouse in order to enable new and advanced use cases in Web3. Space and Time sits at the intersection of on-chain and off-chain data computation and we are thrilled to work with world-class data partners to build the next generation data ecosystem for both decentralized applications and enterprises at scale throughout the world.”
In addition to the funding, Space and Time will integrate with Microsoft Azure to provide Azure customers with an on-ramp to access, manage and perform analytics on blockchain-native data.
“We’re proud to support Space and Time through the Startup with Chainlink program in their mission to build a decentralized data warehouse and bridge the on-chain and off-chain worlds with Chainlink oracles. With the total addressable market for trust-minimized applications in the trillions of dollars, providing core infrastructure to Web3 developers is crucial for scaling and meeting this global demand,” stated Sergey Nazarov, co-founder of Chainlink.
Holiday told TechCrunch that the platform is not open to the public yet, but there will be a limited release available at the end of this year for DeFi and gaming protocols
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