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

Space and Time Labs, a Web3 company behind the eponymous data indexing and processing solution, shares the details of its latest $20 million funding round. With fresh funding, the platform will attempt to solidify its leadership in the segment of data for AI and blockchain apps.

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

Space and Time, a multi-purpose verifiable compute layer, announced today that it has secured $20 million in Series A funding to extend its market leadership at the intersection of AI and blockchain. The Series A equity financing brings the company’s total funding to date to $50 million.

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

Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, Alumni Ventures and several other marquee investors also supported SxT in its fundraising efforts. The August 2024 funding round follows a $20 million strategic funding round led by Microsoft’s M12 Ventures in September of 2022.

Nate Holiday, cofounder and CEO of SxT, is sure that the recent funding round is of great importance for the entire AI segment:

We are thrilled to announce our Series A funding round backed by our world-class investors in order to accelerate an equitable AI future for internet users. Space and Time is committed to empowering the community to own their future in an AI-powered world by providing the tools they need to build next-gen applications at the intersection of AI and blockchain. 

As covered by U.Today previously, in Q3, 2024, SxT pioneered the concept of Proof-of-SQL for decentralized finance (DeFi) applications of various types.

More data and new tooling for AI, blockchain apps

SxT will continue to play a pivotal role powering this new era of community-driven innovation in AI by providing developers with the data, infrastructure and developer tools they need to build next-gen applications at the intersection of AI and blockchain.

Also, Space and Time retrieves comprehensive data from major chains, including Ethereum (ETH), Bitcoin (BTC), ZKsync (ZK), Polygon (MATIC), Sui (SUI), Aptos (APT) and Sei (SEI), and provides it at no cost to developers building on the network.

The SxT data warehouse, which is now generally available, stores both indexed blockchain data and customer-loaded offchain datasets, where developers can analyze the data using SQL. Since the data warehouse launched, SxT has seen immense adoption and growth, reporting over 5.3 billion database requests a month on average and over 300% growth in annual recurring revenue (ARR) over the last year.