Space and Time, the first decentralised data warehouse, has received $20 million in strategic funding from prominent investors led by Microsoft's M12 fund. This follows a previous seed funding round led by crypto investment firm Framework Ventures, in which Space and Time raised $10 million.
Space and Time is a Web3-native data platform that employs patent-pending Proof of SQL cryptography to transform any central database into a trustless data source directly connected to smart contracts. It enables low-latency transactions as well as enterprise-scale analytics.
The platform's decentralised data warehousing structure enables the creation, joining, and querying of cryptographically guaranteed immutable and mutable tables.
Space and Time is on a mission to strengthen smart contracts by connecting them with enterprise database capabilities through the use of novel cryptography. In order to unlock new use cases for Web3, it will be able to provide familiar enterprise tools that process data volumes much larger than the current on-chain capacity.
Space and Time intends to integrate with Microsoft Azure in order to provide Azure customers with an on-ramp to access, manage, and analyse blockchain-native data.
Space and Time will also collaborate with Chainlink to expand the capabilities of hybrid smart contracts in order to power the trustless web. It will enable blockchain developers to create multichain dApps and generate analytical insights quickly in a decentralised, low-cost, and secure manner.
Sergey Nazarov, co-founder of Chainlink, stated his commitment to supporting Space and Time:
"Through the Startup with Chainlink programme, we're proud to support Space and Time in their mission to build a decentralised data warehouse and bridge the on-chain and off-chain worlds with Chainlink oracles." With a total addressable market in the trillions of dollars for trust-minimized applications, providing core infrastructure to Web3 developers is critical for scaling and meeting this global demand."
Investors who took part in the funding round
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 joined Microsoft's M12 fund in the strategic funding round.
Nate Holiday, co-founder and CEO of Space and Time, stated in response to the funding:
"We are thrilled to announce M12 and Microsoft's strategic support, as well as the extension of our partnership with Chainlink." We are dedicated to automating the world's business logic by directly connecting smart contracts to Space and Time's data warehouse, enabling new and advanced use cases in Web3. Space and Time sits at the crossroads of on-chain and off-chain data computation, and we are excited to collaborate with world-class data partners to build the next generation data ecosystem for both decentralised applications and enterprises at scale globally."
The funds will be used to accelerate engineering and product development, with 90% going toward Space and Time's product and customer adoption.
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