Data warehouse Space and Time secures $20m in Series A funding

Data warehouse developer Space and Time Labs has raised $20 million in Series A funding to accelerate development at the intersection of artificial intelligence and blockchain.

Los Angeles-based developer Space and Time Labs has secured $20 million in Series A funding to accelerate its efforts to combine artificial intelligence and blockchain.

According to an August 27 press release shared with crypto.news, the round was led by an investor group consisting of Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital. Other investors including DCG, F-Prime Capital, OKX Ventures, and Circle Ventures also participated in the funding.

The funds will reportedly be used to “accelerate engineering and product development, and increase ecosystem and community growth.” The latest investment brings Space and Time Labs’ total funding to $50 million, building on a previous strategic investment of $20 million led by Microsoft’s M12 Ventures in 2022.

Space and Time Labs allocates $50 million to support smart contracts

Nate Holiday, co-founder of Space and Time Labs, emphasized that the company’s mission is to make smart contracts smarter and expand their use cases, and said that the initiative is committed to “enabling the community to own their own future in an AI-powered world by providing the tools they need to build next-generation applications at the intersection of AI and blockchain.”

On air @chainlink Pre-match: @chiefbuidl spit 😮‍💨🎮

🎮 Smart contracts need to know what is happening in the game to reward players on-chain

🎮 It is not possible to verifiably link query results from centralized, black-box databases to a smart contract

🎮 Space and Time are merging on the chain… pic.twitter.com/fYwah0loFt

— Space and Time (@SpaceandTimeDB) October 1, 2023

In 2023, Space and Time partnered with Chainlink to use the project’s oracles network, enabling web3 games to facilitate more sophisticated on-chain rewards. The startup has also partnered with others like NVIDIA, AWS, Polygon, and Avalanche, as highlighted on its official website.

The latest funding round supports Space and Time Labs’ goal of simplifying web3 data ecosystems, aligning with co-founder Nate Holiday’s vision of a future where “business logic, automation, and validation are done through smart contracts.”