Decentralized data startup bags a significant amount during strategic funding round.
Space and Time, a decentralized data platform, has received a strategic $20 million funding led by Microsoft venture capital subsidiary M12.
According to the press release, Space and Time has also received funding from Framework Ventures, Polygon, Blizzard the Avalanche Fund, HashKey, Coin DCX, Foresight Ventures, SevenX Ventures, Stratos, Hash Capital, and other Web3 leading communities and angel investors.
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It is worth noting that, during its seed funding round, Space and Time raised $10 million, led by Framework Ventures.
The company is a Web3 startup offering a combination of on-chain and off-chain data in a trusted environment supporting enterprise-scale analytics. The company is also working on developing a novel cryptographic protocol, proof of SQL, allowing blockchain applications to rapidly generate detailed insights.
Space and Time CEO Nate Holiday noted that around 90% of funds will be used for product and customer adoption.
We want to build a more mature, enterprise-secure data warehouse from the start. The funding is going toward engineering the more mature product, integrations with larger data ecosystems like Microsoft and also ensuring that we have great customer adoption and use case development.
Nate Holiday added that the company expects some help from Microsoft in creating Web3 gaming databases, as Microsoft owns the major video gaming brand Xbox. As a return, Space and Time is set to integrate Microsoft Azure into its services. The partnership will allow Azure customers to access blockchain data to manage and analyze data.
Space and Time will work closely with decentralized blockchain oracle Chainlink on its Startup with Chainlink initiative. During the partnerships, the companies will be working on extending the efficiency of hybrid smart contracts. Moreover, Space and Time is set to allow blockchain developers to build multichain dApps with access to prompt generated analytical insights.
