Microsoft’s Venture Fund M12 led a $20 million investment round in Space and Time, a decentralized data analytics platform, valuing the company at $300 million. The strategic funding aims to help businesses grow through smart contract technology.
Other investors participating in the funding round include 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 company will integrate with Microsoft's Azure to allow customers of the cloud-computing business to access, manage and perform analytics on blockchain-stored data.
“We are excited to announce the strategic support of M12 and Microsoft, and extend our partnership with Chainlink,” said Nate Holiday, co-founder and CEO of Space and Time. “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 also is testing technology with Web3 gaming platforms. Web3 refers to a decentralized version of the internet.
Holiday wants to launch an alpha version of the company’s product by the end of this year, a beta launch in Spring of 2023, and expects the product to go live in the fall of 2023.
Holiday told TechCrunch he wants to make smart contract smarter through advanced automation. In software, business logic helps manage the exchange of information between an end user interface and databases.
Smart contracts are simple digital programs and contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met
The company also raised a seed round in July of $10 million. Framework Ventures, a venture capital firm known for its early entry into decentralized finance (DeFi) and blockchain gaming (GameFi), led the round. Additional participants in the seed round included Digital Currency Group (DCG), Stratos, SamsungNext, IOSG Ventures, Alliance and several market leading DeFi, GameFi, and venture organizations.