Key Highlights
- Space and Time, a Crypto startup, said it had raised $20 million in a strategic funding round led by Microsoft Corp.’s venture fund M12.
- Space and Time, an infrastructure provider specializing in decentralized data storage, also received capital in this round from crypto firms like Hashkey, Framework Ventures, Polygon, and Avalanche’s Blizzard fund.
- The fresh funds will accelerate its engineering and product development, with over 90% going toward product and customer adoption.
The startup, Space and Time, is working to make huge data sets held by businesses on and off blockchain protocols more accessible and automated by using programmable smart contracts.
Space and Time Co-Founder and CEO Nate Holiday explained that blockchains already produce huge amounts of data that will prove critical for businesses and serve as a provider of this data. Companies will be required to support the development of decentralized storage.
Holiday said there is an ongoing development of new applications and business ideas in Web3, independent of market sentiment. Application development and growth are increasing rapidly beyond what centralized data services can sustain.
The round is also meant to serve as a way to partner with Microsoft and crypto businesses focused on the development of Web3’s needed scaffolding, enabling programmers to one day build large-scale applications such as blockchain-enabled games.
As per the release, Space and Time will integrate with Microsoft Azure as a part of the round, giving Azure customers an on-ramp to blockchain-native data.
The outcome of the company’s mission is to provide both crypto application developers and large companies with a way to access, share, and store large amounts of data across blockchain protocols.
According to Fundstrat, Crypto startups logged $422 million in venture funding last week, up from $260 million the week before.
In late July, Space and Time closed its $10 million seed round led by Framework Ventures, including Digital Currency Group and crypto asset manager GSR participation.
In a release, Michelle Gonzalez, corporate vice president and global head of Microsoft’s M12, said that as blockchain technology finds applications in a wide range of industries, Space and Time startup is building the foundation to create this work in a Web3 environment. M12 looks forward to collaborating on that journey.
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