$20 million in Strategic Funding from Microsoft’s M12 Goes Toward Blockchain Data Platform
The decentralized data platform Space and Time will interface with Microsoft Azure when it launches later this year.
Space and Time, a decentralized data platform, has acquired $20 million in strategic finance, led by M12, Microsoft’s venture capital division. The announcement comes just before the data platform’s alpha release before the end of the year, two months after Space and Time received $10 million in a seed round.
According to Nate Holiday, the CEO of Space and Time, the business wants to develop a more mature, enterprise-secure data warehouse from the outset. The money will be used to develop a more advanced product, integrate it with bigger data ecosystems like Microsoft, and make sure they have strong client uptake and use case development.
He pointed out that Microsoft, through its Xbox division, is a significant traditional gaming participant as well, which might assist their business in creating the Web3 gaming database.
In addition to Framework Ventures, which led the seed round, other investors in the strategic round included HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Hash Capital, and Coin DCX.
A trustless environment that supports enterprise-scale analytics is provided by Space and Time, which mixes on-chain and off-chain data. The business is also working on the proof of SQL, a unique cryptographic protocol that would enable blockchain applications to quickly produce analytical insights in a decentralized, affordable, and secure manner. Giving Web2 businesses access to data tools they are already familiar with could ease the shift to Web3.
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