Microsoft, Avalanche, and Polygon Invest $20M in Web3 Automation Startup

    Web3 and technology companies have joined a funding round for a data platform called Space and Time, which aims to turn a central database into a trustless data source powered by smart contracts.

    Space and Time announced that it has raised $20 million in strategic funding from investors such as Microsoft’s M12 venture fund (formerly Microsoft Ventures), Avalanche, and Polygon. In addition, Space and Time is also well received from investors such as Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Stratos, Hash CIB, Coin DCX and the Web3 community and angel investors.

    Nate Holiday, co-founder and CEO of the firm, expressed excitement about receiving the support of Microsoft’s venture capital fund. He said the company is at the intersection of on-chain and off-chain data computation. According to Holiday, his firm will work with partners to build a data ecosystem for decentralized businesses and applications.

    Nate Holiday, co-founder and CEO of Space and Time

    Michelle Gonzalez, an executive at M12, expressed that M12 is looking forward to results and how centralized systems can be automated and connected to smart contracts.

    Space and Time has also partnered with blockchain company Oracle Chainlink and is part of the “Startup with Chainlink” program. Sergey Nazarov, co-founder of Chainlink, said that they will continue to support Space and Time in its quest to build a decentralized data warehouse.

    Even though the market is gloomy, Web3 projects have still brought in millions of dollars of investment. On September 13, Doodles, a non-fungible token collection (NFT), announced it had raised $54 million in funding, pushing its capitalization to $704 million.

    Earlier, blockchain founders Sui also announced they had successfully raised $300 million to accelerate blockchain adoption and build infrastructure. Mysten Labs, a company founded by former Meta employees, said that it raised funds through a funding round led by FTX Ventures and Binance Labs.

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