Web3 Data Platform Space And Time Raises $20 Million

Table of Contents

• A Big Injection For Space and Time
• Microsoft Azure Integration And Chainlink Partnership

Investors continue to flock to Web3 projects and ventures. Native data platform Space and Time secured $20 million from various investors. The money will help the project explore the full potential of Proof of SQL cryptography.

A Big Injection For Space and Time

The growing momentum in Web3 will lead to many new datasets being generated. All that information requires thorough processing, but in a decentralized manner. Space and Time wants to empower businesses through trustless automation of business logic. To do so, the project will use Proof of SQL cryptocurrency, which is under a patent-pending status. 

The approach by Space and Time merges on-chain and off-chain data in a trustless manner. Additionally, the approach enables enterprise-scale analytical data and low-latency transactions, both of which are tremendous benefits. Space and Time provides warehousing capabilities for decentralized data sets to create mutable and immutable tables with cryptographic guarantees. 

Space and Time CEO and Co-founder Nate Holiday adds:

"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."

With $20 million in new strategic funding - led by Microsoft's M12 fund - and having raised $10 million previously, Space and Time is in an excellent position to fulfill its mission. The funds will primarily accelerate engineering and product development. Additionally, the project will dedicate more resources to customer adoption of Space and Time. 

Microsoft Azure Integration And Chainlink Partnership

Following the fund, Space and Time will unlock two new big opportunities. It will integrate with Microsoft Azure to make onboarding more straightforward. Microsoft's Azure cloud platform will serve as a trusted backbone to develop and deploy Web3 applications using Space and Time's technology. 

M12's Global Head and Corporate VP Michelle Gonzalez continues:

"We look forward to seeing the ways in which Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts. As blockchain technology finds applications in a wide range of industries, Space and Time is building the foundation to shape this work in a Web3 environment. M12 looks forward to partnering in that journey."

Bringing the new data to smart contracts is a big venture. It makes smart contracts more robust as they gain more access to enterprise database capabilities and information. Moreover, Space and Time will work with Chainlink to extend its hybrid smart contracts' capabilities. As a result, builders can develop multi-chain decentralized applications and quickly create analytical insights without compromising decentralization or incurring high fees.