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Microsoft Leads $20M Funding Round for Web3 Data Platform Space and Time

Posted September 28, 2022 4:34 pm
4 min
By Jethro Sandico

Decentralized data warehouse Space and Time announced on September 27, 2022, that it has raised $20 million in a funding round led by Microsoft’s venture capital fund M12. 

According to reports, the team plans to use the capital to accelerate engineering and product development. Moreover, 90% of the funds will be allotted for product and customer adoption of the platform.

Some of the Web3-focused entities included in the strategic funding round are as follows: Avalanche, Coin DCX, Foresight Ventures, Framework Ventures, Hash CIB, HashKey, Polygon, SevenX Ventures, and Stratos, among others.

About Space and Time

Space and Time prides itself as the “first decentralized data warehouse.” The platform was launched as part of Chainlink Labs’ “Startup with Chainlink” initiative. The program provided Web3 startup projects the needed support to build in the space. 

Basically, Space and Time utilizes Chainlik’s price oracle platform to extract data from blockchain networks, decentralized applications (dApps), and other off-chain systems. As a result, the data can bring easily adoptable utility to smart contract platforms.

“Our mission is to make smart contracts smarter and expand the use cases of business logic through smart contracts,” Space and Time Co-Founder and CEO Nate Holiday, said in an interview. “We see a world where smart contracts will operate the business logic of the world through advanced automation.”

In late July, Space and Time raised $10 million to build its decentralized data platform. The seed funding round was also led by Framework Ventures. Digital Currency Group (DCG), IOSG Ventures, and SamsungNext, among others, also joined the fundraise.

Microsoft’s Foray Into Web3

Tech giant Microsoft is pouring in more support into Web3-related projects in 2022. Let’s take a look at some of the notable projects this year.

Astar Network

In early March, Microsoft announced plans to help smart contract hub Astar Network realize their plans for Web3. The assistance was made possible through the Astar Incubation Program. As a result, Microsoft will provide guidance to selected businesses on the program. Part of this initiative includes the provision of tools, marketing support, and mentorship to the chosen enterprises.

“We are thrilled to be able to assist Astar Network,” Microsoft Product Marketing Manager Mikito Ebishima stated. “Empowering every individual and organization in the world to achieve more is our prime directive as Microsoft has long supported Web3 development and we believe Astar can accomplish some truly amazing things in the future.”

Consensys

On March 15, 2022, blockchain software technology company Consensys raised $450 million in a funding round that doubled the company’s valuation to $7 billion. Microsoft, along with SoftBank and Temasek, joined the ParaFi Capital-led fundraise.

Ethereum co-founder Joseph Lubin founded Consensys in 2014 in Brooklyn, New York. The partnership with Microsoft goes all the way back to 2021, when ConsenSys offered an Ethereum-based blockchain service for customers of Microsoft’s cloud computing service Azure.

“By working closely with ConsenSys, we will be able to provide our customers with an easy way to deploy and manage their blockchain pilots and production use cases running on Microsoft Azure,” Microsoft Azure CTO Mark Russinovich stated.

StarHeroes

On July 23, 2022, third-person space shooter game StarHeroes announced that it has received a grant from Microsoft. Built on the Ethereum blockchain, the upcoming project employs eSports elements. Furthermore, the game also leverages Non-Fungible Token (NFT) technology with its collectible and upgradable “Heroes.”

“We’re proud to announce that StarHeroes has been awarded a @Microsoft grant! Within the partnership, we’ve been granted access to the @AzurePlayFab,” the team tweeted.

As part of the partnership, the Web3 game now has access to the Azure PlayFab. PlayFab is a back-end platform for building and operating live games. Consequently, StarHeroes joined an elite group of games on the platform including Forza Horizon, Rainbow Six Siege, and Sea of Thieves.

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