Data warehouse developer Space and Time Labs has raised $20 million in Series A funding to accelerate development at the intersection of AI and blockchain.
Los Angeles-based developer Space and Time Labs has secured $20 million in Series A funding to accelerate its efforts to merge artificial intelligence and blockchain.
Per an Aug. 27 press release shared with crypto.news, the round was led by a group of investors including Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital. Other investors such as DCG, F-Prime Capital, OKX Ventures, and Circle Ventures also participated in the funding.
The funds are said to be used to accelerate “engineering and product development and to enhance ecosystem and community growth.” The latest investment brings Space and Time Labs’ total funding to $50 million, building on a previous $20 million strategic investment led by Microsoft’s M12 Ventures in 2022.
Space and Time Labs allocates $50 million to boost smart contracts
Space and Time Labs co-founder Nate Holiday emphasized the company’s mission to make smart contracts more intelligent and expand their use cases, saying the startup is committed to “empowering the community to own their future in an AI-powered world by providing the tools they need to build next-gen applications at the intersection of AI and blockchain.”
— Space and Time (@SpaceandTimeDB) October 1, 2023Live at @chainlink PreGame: @chiefbuidl spittin 😮💨🎮
🎮 Smart contracts need to know what’s happening in-game to reward players on-chain
🎮 Query results from centralized, black-box databases can’t be verifiably connected to a smart contract
🎮 Space and Time joins on-chain… pic.twitter.com/fYwah0loFt
In 2023, Space and Time partnered with Chainlink to utilize the project’s oracles network, enabling web3 games to facilitate more sophisticated on-chain rewards. Additionally, the startup has formed partnerships with NVIDIA, AWS, Polygon, and Avalanche, among others, as highlighted on its official website.
The latest funding round bolsters Space and Time Labs’ goal to simplify web3 data ecosystems, aligning with co-founder Nate Holiday’s vision of a future where “business logic, automation, and verification is all done through smart contracts.”