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Sunday, May 19, 2024

Web3 data startup Space and Time raises $20M in Microsoft-led funding round

Web3 data startup Space and Time has raised $20 million in a funding round by Microsoft venture capital arm M12. The company has been valued at $300 million after the round.

Space and Time, a Web3-native data platform that utilizes business logic via a cryptographic protocol known as Proof of SQL, has announced a $20 million strategic financing round headed by Microsoft’s M12 fund.

Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Avalanche, Stratos, Hash CIB, and Coin DCX are among the other participants in the round, as as various Web3 groups and angel investors.

Space and Time, which was launched as part of Chainlink Labs’ “Startup with Chainlink” initiative to support the development of Web3 startups, draws data from blockchain protocols, decentralized applications (dApps), and off-chain systems, with the goal of delivering enterprise-grade use cases to smart contract applications. Earlier this year, Space and Time secured $10 million in a seed fundraising round headed by Framework Ventures, with participation from Digital Currency Group (DCG), SamsungNext, and IOSG Ventures, among others.

According to the team, the new cash will be utilized to speed engineering and product development, with over 90% of the funds allocated to the product and consumer adoption of Space and Time.

Nate Holiday, co-founder and CEO of Space and Time, expressed his delight at receiving backing from Microsoft’s venture capital fund. He added that the company is at the crossroads of on-chain and off-chain data computing.

According to Holiday, the company would collaborate with its partners to create a data ecosystem for decentralized apps and organizations. Michelle Gonzalez, an executive at M12, expressed excitement about the results and how centralized processes may be automated and linked to smart contract


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