Space and Time raises $20 million to grow its decentralized data warehouse
“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.”
Space and Time has secured $20 million in strategic funding led by Microsoft’s M12 in order to drive the development and expansion of the decentralized data warehouse with the mission to transform any central database into a trustless data source directly connected to Smart Contracts.
The platform will integrate with Microsoft Azure to provide Azure customers with an on-ramp to access, manage and perform analytics on blockchain-native data.
Investors include Microsoft’s M12, Polygon, Hash Capital, and Coin DCX
The New York-based startup is a Web3-native data platform that empowers the trustless automation of business logic through patent-pending Proof of SQL cryptography. The firm has previously raised $10 million in a seed funding round led by crypto investment firm Framework Ventures.
Space and Time was now able to raise $20 million from Microsoft’s M12 fund, Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Stratos, Hash Capital, Coin DCX and several Web3 communities and angel investors.
The startup’s decentralized data warehousing capabilities allow the creation, joining and querying of immutable and mutable tables with cryptographic guarantees all within Space and Time’s next generation data platform. The funds raised will help accelerate engineering and product development.
Automating and decentralizing business logic in centralized systems
As part of the Startup with Chainlink program, Space and Time will be working closely with Chainlink to extend the capabilities of hybrid smart contracts to power the trustless web. The platform will allow blockchain developers to build multichain dApps and rapidly generate analytical insights in a decentralized, low-cost and secure way.
Nate Holiday, co-founder and CEO of Space and Time, 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.”
Sergey Nazarov, 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.”
Michelle Gonzalez, Corporate Vice President and Global Head of M12, commented: “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.”