Decentralized data warehouse Space and Time secures $20M in funding
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Space and Time, a Web3-based distributed information 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 with HashKey, Polygon, Coin DCX and several other Web3 communities and angel investors.
Space and Time co-founder and CEO Nate Holiday said the funding will allow the company to gain strategic support from M12 and Microsoft and expand its partnership with Chainlink. The funds will be used to accelerate design and product development, and more than 90% of the funding will be used for product and customer deployment.
Space and Time provides a Web3-native decentralized data store that combines on-chain and off-chain data to provide enterprise-grade uses for smart contract applications. Developed as part of Chainlink’s “Startup with Chainlink” initiative, the company allows users to connect analytics directly to smart contracts using Proof-of-SQL encryption.
“We are committed to automating the world’s business logic by connecting smart contracts directly to Space and Time’s data warehouse to enable new and advanced use cases in Web3,” Holiday said in the company’s press release. “Space and time are at the intersection of on-chain and off-chain data computing, and we’re excited to work with world-class data partners to build a next-generation data ecosystem for both distributed applications and enterprises around the world.”
The company integrates with Microsoft Azure to provide Azure customers with the ability to access, manage and analyze blockchain native data. Michelle Gonzales, the company’s vice president and global head of M12, said Microsoft supports Space and Time to automate business logic in centralized systems and connect it directly to smart contracts.
Space and Time built a multi-chain data platform for Web3 developers in DeFi and Web3 games. In cooperation with Chainlink, the company aims to expand the features of hybrid smart contracts.
“With the overall market for trust-minimized applications worth trillions of dollars, providing core infrastructure to Web3 developers is critical to scaling and meeting this global demand,” said Sergey Nazarov, Chainlink co-founder.