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Microsoft fund leads $20 million funding for Web3 platform Space and Time

on Sep 27, 2022
  • Space and Time has secured $20 million in a funding round led by Microsoft’s M12.
  • The Web3-native data platform is working towards automating the world’s business logic.
  • Space and Time use the funding to grow its product and bolster adoption.

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Space and Time, the first Web3-native data platform connecting on-chain and off-chain data to offer an enterprise-grade, trustless automation environment for smart contracts, has secured $20 million in a strategic funding round that attracted major investors across the ecosystem.

As noted in a press release shared with Invezz on Tuesday, Microsoft (NASDAQ: MSFT)’s venture fund M12 led the Web3-focused platform’s funding initiative.

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The round also attracted participation from Framework Ventures, Polygon, HashKey, Foresight Ventures, SevenX Ventures, Blizzard the Avalanche Fund, Stratos, Hash Capital, and Coin DCX. Space and Time also secured the backing of multiple angel investors and leading Web3 communities, according to today’s announcement.

The strategic round follows Space and Time’s $10 million seed funding round that was led by crypto investment firm Framework Ventures.

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Automating business logic world

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Space and Time will use the funds to accelerate its engineering and product development, with more than 90% of the capital injection going towards boosting product and customer adoption, the company said.

Part of the collaboration with the tech giant will see Space and Time integrate with Microsoft Azure to offer an on-ramp for the access, management and analysis of blockchain-native data.  

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Elsewhere, Space and Time will look to tap into the Startup with Chainlink program, to advance hybrid smart contracts capabilities amid the push to bolster a trustless web.

In a comment about the strategic support from Microsoft’s M12 and other partners, the startup’s co-founder and CEO noted:

“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 decentralised applications and enterprises at scale throughout the world.”Space and Time sprouted out of Chainlink Labs’ Startup with Chainlink initiative, and is built for Web3 gaming and Web3 developers in decentralised finance (DeFi)

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