New York, USA, 27 September 2022, Chainwire
space and timea Web3-native data platform that enables trustless automation of business logic using patent-pending Proof of SQL cryptography, secured $20 million in strategic funding from high-profile investors led by the Microsoft M12 funds.
Other investors participating in the funding round include Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Stratos, Hash Capital, Coin DCX, and several leading web3 communities and angel investors. Space and Time previously raised $10 million in a seed funding round led by crypto investment firm Framework Ventures.
“We are delighted to announce strategic support from M12 and Microsoft and to expand our partnership with Chainlink,” said Nate Holiday, co-founder and CEO of Space and Time. “We are committed to automating the business logic of the world by connecting smart contracts directly to Space and Time’s data warehouse to enable new and advanced use cases in Web3. Space and time sits at the intersection of on-chain and off-chain data computing and we are excited to work with world-class data partners to build the next-generation data ecosystem for decentralized applications and large-scale enterprises around the world.”
Space and Time connects on-chain and off-chain data in a trustless environment that powers low-latency transactions and enterprise-scale analytics. The protocol’s decentralized data warehousing capabilities allow the creation, joining, and querying of immutable and modifiable tables with cryptographic guarantees, all within Space and Time’s next-generation data platform.
The funds will be used to accelerate engineering and product development. More than 90% of the funding will be dedicated to the adoption of Space and Time by products and customers.
Providing familiar enterprise tools that handle much larger volumes of data than the chain’s current capacity is necessary to unlock new use cases for Web3. Space and Time is on a mission to make smart contracts more robust by connecting them to enterprise database capabilities using its new cryptography.
Space and Time will automate the business logic of centralized systems and connect it directly to smart contracts. As a platform and tools company, Microsoft is committed to supporting partners and customers with their technology needs, including Web3 scenarios and use cases.
Space and Time will integrate with Microsoft Azure to provide Azure customers with an on-ramp to access, manage, and perform analytics on native blockchain data. The comprehensive Microsoft Azure cloud platform and cutting-edge identity and security features provide a set of reliable services for developing and running Web3 applications in this new era of pervasive computing.
“We are excited to see how Space and Time will automate the business logic of centralized systems and connect it directly to smart contracts,said Michelle Gonzalez, Corporate Vice President and Global Head of M12. “As blockchain technology finds applications in a wide range of industries, Space and Time is laying the groundwork to shape this work in a Web3 environment. M12 is looking forward to being part of this trip.
As a member of Getting started with Chainlink program, Space and Time will work closely with Chainlink to expand the capabilities of hybrid smart contracts to power the web without trust. The platform will enable blockchain developers to build multi-chain dApps and quickly generate analytical insights in a decentralized, inexpensive, and secure way.
“We are proud to support Space and Time through the Startup with Chainlink program in their mission to build a decentralized data warehouse and connect the on-chain and off-chain worlds with Chainlink oracles. With the total addressable market for trillion-dollar trust-minimized applications, providing basic infrastructure for Web3 developers is crucial to scale and meet this global demand,” said Sergey Nazarov, co-founder of Chainlink.
About space and time
space and time, www.spaceandtime.io, is the first Web3-native decentralized data warehouse that connects on-chain and off-chain data to provide extended enterprise-grade use cases for smart contract applications. Developed as part of Chainlink Labs Getting started with Chainlink initiative, the platform gives users and developers the ability to connect analytics directly to smart contracts through new Proof of SQL cryptography, opening up a whole new set of use cases and business logic for smart contracts . Space and Time is built from the ground up as a multi-chain data platform for Web3 developers in DeFi and Web3 games, or any project that requires next-gen analytics.
For more information visit: https://www.spaceandtime.io/
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Microsoft (Nasdaq “MSFT” @microsoft) is enabling digital transformation in the era of intelligent cloud and intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more. https://www.microsoft.com/
M12, Microsoft’s venture capital fund, strives to accelerate the future of technology through meaningful investments, insights, and partnerships with Microsoft. We invest in enterprise software companies primarily in Series A and Series B funding rounds, with a focus on autonomous systems, cloud infrastructure, cybersecurity, DevOps, digital health and biology, vertical SaaS and Web3, metaverse and gaming technologies. As part of its added value to portfolio companies, M12 provides entrepreneurs with capital, customer relationships and deep access to the ecosystem and leadership from Microsoft. M12 has offices in San Francisco, Seattle, London, Tel Aviv, Singapore and Bangalore. https://m12.vc
Chainlink is the industry standard for creating, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Its oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations to enable feature-rich applications. Chainlink currently secures tens of billions of dollars in DeFi, insurance, gaming, and other major industries, and provides global enterprises and major data providers with a universal gateway to all blockchains.
For more information visit: https://chain.link/
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