Web3 and other technology businesses have contributed to a fundraising round for the data platform Space and Time, intending to turn centralized databases into trustless data sources that are driven by smart contracts.
Space and Time said it had secured $20 million in strategic investment in a statement it had issued to Finbold. The money came from investors such as Microsoft’s (NASDAQ: MSFT) M12 fund, which is the company’s venture capital arm, Avalanche (AVAX), and Polygon (MATIC). Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Stratos, Hash CIB, Coin DCX, and other additional Web3 communities and angel investors were also investors.
Nate Holiday, co-founder and CEO of Space and Time, said:
“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.”
According to Holiday, it would collaborate with its partners in order to develop a data ecosystem for organizations and apps that use decentralized data.
Partnership with Chainlink
Additionally, Space and Time has formed a partnership with the blockchain oracle company Chainlink (LINK) and is now participating in the “Startup with Chainlink” program offered by the company. Co-founder of Chainlink Sergey Nazarov said that the company would continue to support Space and Time in their efforts to construct a decentralized data warehouse.
Space and Time bring together on-chain and off-chain data in a trustless environment that enables low-latency transactions and enterprise-scale analytics. Decentralized data warehousing features of the protocol enable the building, joining, and querying of immutable and changeable tables with cryptographic assurances, all inside Space and Time’s next-generation data platform.
The funds will be utilized to expedite the process of developing new products and technical solutions. Over 90% of the funds will go into the Space and Time product and client adoption.
To enable new Web3 use cases, familiar corporate solutions that handle data volumes far bigger than the present on-chain capabilities are needed.
Space and Time are on a quest to strengthen smart contracts by integrating them with business database capabilities via the use of new cryptography which will enable business logic automation in centralized systems and direct connection to smart contracts.