Space and Time Raises $20M funding from Microsoft, Polygon, Avalanche

Space and Time, a data company, that aims to transform central data into trustless data sources with the help of smart contracts, has raised 20M in funding from technology giants like Microsoft, Polygon, Avalanche, CoinDCX, web 3.0 communities and angel investors.

According to the team, the fresh funding will be used to accelerate engineering and product development, with over 90% of the funds to be dedicated to the product and customer adoption of Space and Time.

The funding round was joined by HashKey, Framework Ventures, SevenX Ventures, Foresight Ventures, Hash CIB and Stratos.

Nate Holiday, Space and Time’s co-founder and CEO expressed his excitement to have the likes of Microsoft’s venture capital fund, M12 as their major investor.

Nate said, Space and Time is at the junction of on-chain as well as off-chain data computation. They will be closely working with their investing partners like Microsoft, to build a data ecosystem for decentralized applications (DApps).

An M12 executive, Michelle Gonzalez said they are excited in looking forward to see what future holds for them. It would be interesting to see how they manages to transform centralized systems to a decentralised one.

Even in this bear market, web 3.0 projects are taking in Millions of dollars in investments.

15 days back, Doodles, a nonfungible token (NFT) collection, announced that they  raised $54 million in funding, @ $704 million valuation

Earlier this year, the company raise raised $10 million in a seed funding round led by Framework Ventures, with participation from Digital Currency Group (DCG), SamsungNext, and IOSG Ventures, among others.