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Space and Time, a decentralized data platform built on Web3, has raised $20 million in a strategic investment round headed by Microsoft's M12 fund.
Framework Ventures, which joined in the newest fundraising round alongside HashKey, Polygon, Coin DCX, and numerous other Web3 communities and angel investors, earlier secured $10 million in a seed round managed by Framework Ventures.
Space and Time co-founder and CEO Nate Holiday stated that the money will allow the firm to receive the strategic backing of M12 and Microsoft, as well as extend its cooperation with Chainlink. Over 90% of the cash will be utilized to speed engineering and product development.
Space and Time is a Web3-native decentralized data warehouse that integrates on-chain and off-chain data to give smart contract apps enterprise-grade capabilities. The startup was created as part of Chainlink's "Startup with Chainlink" initiative, and it allows customers to connect analytics to smart contracts directly via Proof-of-SQL encryption.
“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,” 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.”
The startup will interface with Microsoft Azure to give Azure clients a way to access, manage, and analyze blockchain-native data. Microsoft will support Space and Time to automate business logic in centralized systems and connect it directly to smart contracts, according to Michelle Gonzales, corporate vice president and worldwide head of M12.
Space and Time created its multichain data platform for DeFi and Web3 gaming developers. The business will collaborate with Chainlink to expand the possibilities 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,” said Sergey Nazarov, the co-founder of Chainlink.
