Space and Time Completes Series A Funding With $20 Million Raised

by

As a seasoned analyst with years of experience under my belt, I find Space and Time Labs’ latest $20 million funding round to be nothing short of impressive. Having followed the AI and blockchain sectors closely, it’s clear that SxT is making strategic moves to solidify its position at the intersection of these two rapidly evolving fields.

Space and Time Labs, a pioneering Web3 firm known for its data indexing and processing solution, discloses information about its recent $20 million investment round. Utilizing this new capital, the platform aims to strengthen its position as a dominant player in the realm of data essential for AI and blockchain applications.

Space and Time secures $20 million in funding from top VCs

Today, Space and Time, a versatile and verifiable compute layer, announced they’ve raised $20 million in their Series A round of funding. This investment aims to strengthen their dominance in the market where AI and blockchain intersect. With this latest round of equity financing, the company’s overall funding now amounts to $50 million.

Space and Time Labs has successfully raised a Series A investment of $20M, boosting our overall funding to a significant $50 million. 🚀🕒

With SxT, we’re giving the community the power to shape their future in an AI-driven universe, equipping them with the necessary tools for constructing complex, data-informed applications.

— Space and Time (@SpaceandTimeDB) August 27, 2024

The round yielded contributions from a clutch of highly reputed VCs, including Framework Ventures, Lightspeed Faction, Arrington Capital and Hivemind Capital. 

As a researcher, I’m excited to share that esteemed investors like Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, Alumni Ventures, and many others have joined forces in backing SxT during our fundraising journey. This recent funding round, which took place in August 2024, builds upon a strategic $20 million investment led by Microsoft’s M12 Ventures last September of 2022.

Nate Holiday, the co-founder and CEO of SxT, firmly believes that the latest funding round significantly impacts the entire AI industry.

As a crypto investor, I’m excited to share that we’ve successfully secured funding during our Series A round, with backing from esteemed investors worldwide. Our vision is to hasten an inclusive artificial intelligence (AI) future for internet users, where everyone can benefit. Space and Time is dedicated to enabling our community to control their future in the AI-driven realm by equipping them with essential tools to create cutting-edge applications that seamlessly blend AI and blockchain technology.

Previously reported by U.Today, in Q3 of 2024, SxT introduced the innovative idea of Proof-of-SQL for a variety of decentralized finance (DeFi) applications.

More data and new tooling for AI, blockchain apps

In the upcoming phase of community-focused advancements in Artificial Intelligence (AI), SxT is set to maintain its central role. This is achieved by offering developers essential resources such as data, infrastructure, and development tools. With these tools, they can create cutting-edge applications that merge AI and blockchain technologies.

Furthermore, Space and Time collects extensive data from significant blockchains such as Ethereum (ETH), Bitcoin (BTC), ZKsync (ZK), Polygon (MATIC), Sui (SUI), Aptos (APT) and Sei (SEI). This information is then made available for free to developers working on these networks.

The recently accessible SxT data storage system holds both indexed blockchain information and user-uploaded offline datasets, enabling developers to scrutinize the data through SQL queries. Since its debut, SxT has experienced rapid adoption and expansion, handling an average of 5.3 billion database requests monthly and registering over 300% growth in annual recurring revenue (ARR) over the past year.

Read More

2024-08-27 18:19