Space and Time, a Web3-native data platform that empowers the trustless automation of business logic through patent-pending Proof of SQL cryptography, announced on Tuesday, September 27th, that it has secured $20 million in strategic funding from marquee investors.
According to the press release shared with Cryptowisser, the funding round was led by Microsoft’s M12 fund. 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 several Web3 leading communities and angel investors.
This latest development comes after Space and Time previously raised $10 million in a seed funding round led by crypto investment firm Framework Ventures.
While commenting on this funding round, Nate Holiday, co-founder and CEO of Space and Time, said;
“We are excited to announce the strategic support of M12 and Microsoft, and extend our partnership with Chainlink. 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 sit 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.”
Space and Time’s decentralized data warehousing capabilities enable the creation, joining and querying of immutable and mutable tables with cryptographic guarantees, all within Space and Time’s next-generation data platform.
The team revealed that the funds generated from the funding round would be used to accelerate engineering and product development. Space and Time added that more than 90% of the funding would be dedicated to the product and customer adoption of Space and Time.
The team added that it is on a mission to make smart contracts more robust by connecting them with enterprise database capabilities using its novel cryptography. Space and Time added that it would enable the business logic in centralized systems to be automated and connected directly to smart contracts.
Space and Time further pointed out that it would integrate Microsft Azure, allowing it to provide Azure customers with an on-ramp to access, manage and perform analytics on blockchain-native data.
The protocol’s comprehensive Microsoft Azure cloud platform and industry-leading identity and security capabilities would ensure developers enjoy a trusted set of services to develop and run Web3 applications in this new era of ubiquitous computing.
Michelle Gonzalez, Corporate Vice President and Global Head of M12, commented that;
“We look forward to seeing the ways in which Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts. As blockchain technology finds applications in a wide range of industries, Space and Time is building the foundation to shape this work in a Web3 environment. M12 looks forward to partnering in that journey.”
Space and Time said it would be working closely with Chainlink to extend the capabilities of hybrid smart contracts to power the trustless web. The protocol would enable blockchain developers to develop multichain dApps and rapidly generate analytical insights in a decentralized, low-cost and secure way.
Regarding this partnership, Sergey Nazarov, co-founder of Chainlink, said;
“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.”
Space and Time is the first Web3-native decentralized data warehouse that connects on-chain and off-chain data to deliver broad, enterprise-grade use cases to smart contract applications.
M12, Microsoft's venture fund, is tasked with accelerating the future of technology through investments, insights, and meaningful partnerships with Microsoft. The VC firm invests in enterprise software companies primarily in the Series A and B funding stages.
Meanwhile, Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink’s oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications.