The first decentralized data warehouse, Space and Time has secured $20 million in strategic funding from marquee investors led by Microsoft’s M12 fund. This comes right on the heels of a previous seed funding round led by crypto investment firm Framework Ventures that saw Space and Time raise $10 million.
Space and Time is a Web3-native data platform that uses the patent-pending Proof of SQL cryptography to transform any central database into a trustless data source that is directly connected to smart contracts. It powers low-latency transactions and enterprise-scale analytics.
The platform’s decentralized data warehousing structure allows for the creation, joining, and querying of immutable and mutable tables that have cryptographic guarantees.
Space and Time is on a mission to make smart contracts more robust by connecting them with enterprise database capabilities using its novel cryptography. This will allow it to provide familiar enterprise tools which process data volumes much larger than the current on-chain capacity in a bid to unlock new use cases for Web3.
Space and Time plan to integrate with Microsoft Azure to provide Azure customers with an on-ramp to access, manage and perform analytics on blockchain-native data.
Space and Time will also be working closely with Chainlink to extend the capabilities of hybrid smart contracts to power the trustless web. It will allow blockchain developers to build multichain dApps and rapidly generate analytical insights in a decentralized, low-cost and secure way.
Committing to support Space and Time, Sergey Nazarov, the co-founder of Chainlink said:
“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.”&
Investors that participated in the funding round
Besides Microsoft’s M12 fund, the other investors that took part in the strategic funding round include Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Stratos, Hash Capital, Coin DCX and several Web3 leading communities and angel investors.
Nate Holiday, co-founder and CEO of Space and Time, commenting on the funding said:
“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 in order to enable new and advanced use cases in Web3. 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 funds will be used to accelerate engineering and product development with 90% of the funds being dedicated to Space and Time’s product and customer adoption
The post Space and Time secures $20M funding from marquee investors led by Microsoft’s M12 appeared first on CoinJournal.
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