Space and Time, a Web3-native data platform that empowers the trustless automation of business logic through patent-pending Proof of SQL cryptography, has secured $20 million in strategic funding from marquee investors 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. Space and Time previously raised $10 million in a seed funding round led by crypto investment firm Framework Ventures.
“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.”
Space and Time joins on-chain and off-chain data in a trustless environment that powers low-latency transactions and enterprise-scale analytics. The protocol’s decentralized data warehousing capabilities allow the creation, joining and querying of immutable and mutable tables with cryptographic guarantees all within Space and Time’s next generation data platform.
Funds will be used to accelerate engineering and product development. Over 90% of funding will be dedicated to the product and customer adoption of Space and Time.
Providing familiar enterprise tools which process data volumes much larger than the current on-chain capacity are required to unlock new use cases for Web3. Space and Time is on a mission to make smart contracts more robust by connecting them with enterprise database capabilities using its novel cryptography.
Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts. As a platform and tools company, Microsoft is committed to supporting its partners and customers with their technology needs, including Web3 scenarios and use cases.
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. The comprehensive Microsoft Azure cloud platform and industry-leading identity and security capabilities provide a trusted set of services to develop and run Web3 applications in this new era of ubiquitous computing.
“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,” said Michelle Gonzalez, Corporate Vice President and Global Head of M12. “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.”
As part of the Startup with Chainlink program, Space and Time will be working closely with Chainlink to extend the capabilities of hybrid smart contracts to power the trustless web. The platform will allow blockchain developers to build multichain dApps and rapidly generate analytical insights in a decentralized, low-cost and secure way.
“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.