Microsoft, Avalanche, Polygon Join Web3 Automation Startup in $20M Funding

Web3 and tech companies have participated in a funding round for Space and Time, a data platform that aims to transform centralized databases into trustless data sources powered by smart contracts.

In an announcement to Cointelegraph, Space&Time said it has raised $20 million in strategic funding from investors such as Microsoft’s M12 Fund, the venture capital arm of Microsoft, Avalanche and Polygon. In addition to these, investors include Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Stratos, Hash CIB, Coin DCX and other Web3 communities and angel investors.

Nate Holliday, founder and CEO of Space and Time, expressed his excitement at receiving the support of Microsoft’s Venture Capital Fund. He explained that his company is at the intersection of on-chain and off-chain computing. According to Holiday, they work with partners to build decentralized applications (DApps) and enterprise data ecosystems.

On the other hand, Michelle Gonzalez, CEO of M12, explained that M12 is looking forward to seeing its results and how it can automate centralized systems and connect them with smart contracts.

In addition to the fund, Space & Time is also part of the “Chainlink Startup” program in partnership with blockchain oracle company Chainlink. Chainlink co-founder Sergey Nazarov said his company will continue to support Space and Time in their efforts to build a decentralized data warehouse.

Related: Crypto investment product firm has raised $25M to reach a $2B valuation

Meanwhile, while the markets are down, Web3 projects are raising millions of investments. On September 13th, Doodles, a collection of non-vulnerable tokens (NFT), announced that it had raised $54 million in funding, pushing its valuation to $704 million.

Earlier this month, the creators of Sui Blockchain announced that they have raised $300 million to accelerate blockchain adoption and build its infrastructure. Myston Labs, founded by former Meta employees, said it raised the money through funding led by FTX Ventures.