Space and Time, a Web3-native data forum that leverages business logic through a cryptographic protocol dubbed Proof of SQL, informed that it has raised $20 million in a strategic funding round led by Microsoft’s M12 fund.
Other participants in the round contain crypto investment firm Framework Ventures, HashKey, Foresight Ventures, Polygon, SevenX Ventures, Avalanche, Stratos, Hash CIB, and Coin DCX, as well as several Web3 communities & angel investors.
Launched as part of Chainlink Labs’ “Startup with Chainlink” initiative that sustains the development of Web3 startups, Space and Time utilizes the Chainlink price oracle platform along with additional sources to pull data from blockchain protocols, decentralized applications (dApps), and off-chain systems with a purpose of delivering enterprise-grade use cases to smart contract applications.
Earlier this year, Space and Time boosted $10 million in a seed funding round led by Framework Ventures, with participation from SamsungNext, Digital Currency Group (DCG), and IOSG Ventures, among others.
As per the team, the fresh funding will be utilized to accelerate engineering and product development, with over 90% of the funds to be committed to the product and customer adoption of Space and Time.
Nate Holiday, co-founder and CEO of Space and Time mentions that they are excited to reveal the strategic support of M12 and Microsoft and expand the partnership with Chainlink. The co-fonder also emphasized that they are committed to automating the business logic of the world by instantly connecting smart contracts to Space and Time’s data warehouse in order to allow new and advanced use cases in Web3.
Further, Nate believes that Space and Time are at the intersection of on-chain and off-chain data computation and 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.
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