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Space and Time will integrate with Microsoft Azure to offer the latter’s customers to integrate with an on-ramp to access, manage and perform analytics on blockchain-native data.
On Tuesday, September 27, Space and Time, a Web3 data warehousing platform, raised a total of $20 million in a strategic funding round led by Microsoft‘s venture arm M12. Some of the other investors in the round include Polygon, Coin CDX, Framework Ventures, and Hash Capital.
The recent fundraise comes following a $10 million seed round earlier in July 2022. Back then, the team of Space and Time started interacting with Microsoft and M12, said company CEO Nate Holiday. The Space and Time CEO further added:
“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.”
Space and Time said that they will use these funds to accelerate engineering and product development. Over 90% of the funding will go towards product and customer adoption of Space and Time.
About Space and Time
Space and Time integrate on-chain and off-chain data in a trustless environment that powers enterprise-scale analytics and low-latency transactions. Its decentralized warehousing capabilities allow the creation, joining and querying of immutable and mutable tables with cryptographic guarantees.
The company believes that to unlock new use cases for Web3, it is important to provide that can process much larger data volumes than the existing on-chain capacity. The company is currently on the mission of making robust smart contracts by connecting them with novel cryptography and enterprise database capabilities. Microsoft said that it shall support its partners with their technology needs. Michelle Gonzalez, Corporate Vice President and Global Head of M12 said:
“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.”
Space and Time will integrate with Microsoft Azure to offer the latter’s customers to integrate with an on-ramp to access, manage and perform analytics on blockchain-native data. In return, Microsoft’s cloud platform will offer a trusted set of services to develop and run Web 3 applications.