Space and Time Secures $20 Million Strategic Funding Led by Microsoft’s Venture Fund
The first decentralized data warehouse, ‘Space and Time‘, has secured $20 million in strategic funding from marquee investors led by Microsoft’s venture fund M12 fund.
Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Stratos, Hash Capital, Coin DCX, and other influential Web3 communities and angel investors are among the other investors who took part in the investment round.
Space and Time previously raised $10 million in a seed funding round led by crypto investment firm Framework Ventures.
Strategic Support from Microsoft
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.
The platform allows users and developers to connect analytics directly to smart contracts through Proof of SQL cryptography, opening up a whole new set of use cases and business logic for smart contracts.
Providing familiar enterprise tools which process data volumes much larger than the current on-chain capacity is required to unlock new use cases for Web3. Space and Time are on a mission to make smart contracts more robust by connecting them with enterprise database capabilities using its novel cryptography.
“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 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 decentralized applications and enterprises at scale worldwide,” said Nate Holiday, co-founder and CEO of Space and Time.
M12 works to accelerate the future of technology through investments, insights, and meaningful partnerships with Microsoft.
The fund invests in enterprise software companies primarily in the Series A and B funding stages, focusing on autonomous systems, cloud infrastructure, cybersecurity, DevOps, healthcare and digital biology, vertical SaaS, and Web3, metaverse, and gaming technologies.
The current investment round will accelerate Space and Time’s engineering and product development. Over 90% of funding will be dedicated to the product and customer adoption of the company.
Automating the Business Logic
Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts. Microsoft is committed to supporting its partners and customers with their technology needs as a platform and tools company, 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. 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,” said Michelle Gonzalez, Corporate Vice President and Global Head of M12.
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.
Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Space and Time 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.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Its 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.
Text source: DailyCoin.com
