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Space and Time Labs secures $20 million in a Series A funding round

GrafaGrafa2024/08/28 01:10
By:Isaac Francis

Space and Time (SxT) Labs has successfully raised $20 million in a Series A funding round, aimed at enhancing the synergy between artificial intelligence (AI) and Blockchain technology.

"We are thrilled to announce that Space and Time Labs has secured a $20M Series A, bringing our total funding to $50 million. SxT is empowering the community to own their future in an AI-powered world by providing the tools they need to build sophisticated, data-driven applications, tokenize them onchain, and win in the AI economy. Generate a new world with Space and Time, secured by our sub-second ZK coprocessor." - Space and Time posted on X.

This funding round, led by Framework Ventures, brings the company’s total funding to $50 million.

Additional investors include prominent names such as Lightspeed Faction, Arrington Capital, and Hivemind Capital, along with Microsoft’s M12 Ventures, DCG, and Okx Ventures.

The capital raised will be directed towards advancing the engineering and development of Space and Time’s verifiable compute layer, a key component of their technology stack.

Space and Time’s platform focuses on creating a trustless data processing system through their innovative Proof of SQL technology, which ensures verifiable data processing for decentralised applications (dapps).

The company’s mission is to bridge the gap between AI and blockchain, offering a secure and efficient infrastructure for the next generation of decentralised finance (defi) and traditional finance applications.

Space and Time’s verifiable compute layer integrates blockchain indexing, a data warehouse, and a zero-knowledge (ZK) coprocessor to deliver reliable and trustless data processing solutions.

This technology is seen as crucial for the future development of dapps, particularly in ensuring data integrity and security within decentralised systems.

Nate Holiday, co-founder and CEO of Space and Time, emphasised the company's commitment to empowering the community in an AI-driven world by providing the necessary tools to build innovative applications at the intersection of AI and blockchain.

The company is collaborating closely with Microsoft to develop AI-powered applications that address the growing infrastructure needs in both the decentralised finance and traditional finance sectors.

Space and Time plans to use the new funding to expand its engineering team, accelerate product development, and enhance community engagement efforts.

The company’s approach aims to solve some of the critical challenges faced by both decentralised and traditional finance sectors, leveraging the power of AI and blockchain to offer scalable and secure solutions.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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