- Space and Time to support the growth of businesses through smart contract technology.
- The funds will be utilized to speed up engineering and product development.
Space and Time, the decentralized data platform has recently announced that it has acquired $20 million in strategic funding from marquee investors led by Microsoft’s M12 fund. The Web3 platform, Space and Time, focuses on aiding the growth of businesses through smart contract technology, with strategic funding.
Nate Holiday, co-founder and CEO of Space and Time stated:
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.
Framework Ventures, HashKey, SevenX Ventures, Foresight Ventures, Polygon, and Avalanche’s ecosystem fund Blizzard were among the investors who participated in the capital raise, which was spearheaded by Microsoft’s venture fund M12. At the end of July, Space and Time received $10 million in a venture round headed by Framework Ventures.
Connected to “Smart Contracts”
According to Holiday, the firm will employ its “Proof-of-SQL” cryptography to enable the automation of business logic in conventional centralized systems and its direct connection to smart contracts. Additionally, it will link the platform with Microsoft Azure to give consumers a way to access and utilize the blockchain data on that platform.
In a trustless environment, the firm combines on-chain and off-chain data to provide low-latency transactions and enterprise-scale analytics. Within Space and Time’s cutting-edge data platform, the protocol’s decentralized data warehousing features enable the building, joining, and querying of immutable and modifiable tables with cryptographic guarantees.
Moreover, the funding will be utilized to hasten product development and engineering. The product and consumer adoption of the platform will receive more than 90% of the funds.
Space and Time is also a participant in the Startup with Chainlink program and will collaborate closely with the Oracle network to expand the capabilities of smart contracts.