Bringing blockchain technology into the enterprise environment remains an ongoing challenge for service providers. However, that may come to change shortly. Establishing a decentralized data warehouse by connecting enterprise data with smart contracts remains a viable concept. Space and Time, a Web3-native data platform, wants to build toward that future. Its approach revolves around establishing trustless automation of business logic.
More specifically, it will connect enterprise database information with smart contracts to establish enterprise-scale analytics via low-latency and cheap transactions.
Space and Time secured $20 million in strategic funding from various investors. Microsoft’s M12 fund led the round, and notable investors include SevenX Ventures, Hash Capital, Foresight Ventures, and other projects, communities, and angel investors. It is the second fundraising for the Space and Time project after securing $10 million in seed funding through a round led by Framework Ventures.
The new funding will be used to focus further on product development and behind-the-scenes engineering. In addition, more than 90% of the funding will go to product and customer adoption of Space and Time.
Gaining Enterprise Adoption through Azure
Space and Time’s enterprise tools aim to provide a familiar look and feel to its users. Moreover, they will become accessible through Microsoft Azure shortly. The integration enables Azure customers to access, manage, and perform analytics on blockchain-native data. Azure is a globally recognized and trusted cloud platform.
“We are excited to announce the strategic support of M12 and Microsoft, and extend our partnership with Chainlink. We are committed to automating the business logic of the world by directly connecting smart contracts to Space and Time’s data warehouse in order to enable new and advanced use cases in Web3,” said Space and Time co-founder and CEO Nate Holiday.
“Space and Time sits at the intersection of on-chain and off-chain data computation and we are thrilled to work with world-class data partners to build the next generation data ecosystem for both decentralized applications and enterprises at scale throughout the world.”
The role of Space and Time’s decentralized data warehouse is to let builders create, join, and query tables with cryptographic guarantees. Moreover, business logic stored in siloed centralized systems can be automated and used as a data source for smart contracts. The project leverages its patent-pending Proof of SQL cryptography to explore new use cases with a Web3 purpose.
