Decentralized data warehouse Space and Time secures $20M in funding News โธ Chainlink โธ Investments
Decentralized data warehouse Space and Time secures $20M in funding
The investment, led by Microsoft's M12 fund, will enable Space and Time to automate business logic in centralized systems and connect it directly to smart contracts.
2 min read
Updated: Sep. 27, 2022 at 4:26 pm UTC
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Space and Time, a Web3-native decentralized data platform, has secured $20 million in a strategic funding round led by Microsoft’s M12 fund.
The company previously raised $10 million in a seed round led by Framework Ventures, which participated in the latest funding round alongside HashKey, Polygon, Coin DCX, and several other Web3 communities and angel investors.
Nate Holiday, the co-founder and CEO of Space and Time, said that the funding will enable the company to gain the strategic support of M12 and Microsoft, and extend its partnership with Chainlink. The funds will be used to accelerate engineering and product development, with over 90% of the funding dedicated to the product and customer adoption.
Space and Time provides a Web3-native decentralized data warehouse that connects on-chain and off-chain data to deliver enterprise-grade uses to smart contract applications. The company was developed as part of Chainlink’s “Startup with Chainlink” initiative and enables users to connect analytics directly to smart contracts through Proof-of-SQL cryptography.
“We are committed to automating the business logic of the world by directly connecting smart contracts to Space and Timeโs data warehouse in order to enable new and advanced use cases in Web3,” Holiday said in the company’s release. “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.โ
The company will integrate with Microsoft Azure to provide Azure customers with an on-ramp to access, manage, and perform analytics on blockchain-native data. Michelle Gonzales, the corporate vice president and global head of M12, said that Microsoft will support Space and Time to automate business logic in centralized systems and connect it directly to smart contracts.
Space and Time built its multichain data platform for Web3 developers in DeFi and Web3 gaming. Through its partnership with Chainlink, the company will work on extending the capabilities of hybrid smart contracts.
“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,โ said Sergey Nazarov, the co-founder of Chainlink.
Posted In: Chainlink, Investments
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Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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