- Space and Time, Web3’s data platform, raised $20 million in a funding round led by Microsoft’s M12 fund.
- The firm proposes a cryptographic protocol that allows data to be stored in a decentralized manner but also guarantees that the information has not been manipulated.
- The newly raised funds will be used to speed up engineering and product development.
space and time announced on Twitter that thanks to its partnership with leading venture capitalists and visionaries of the Web3 has managed to raise $20 million dollars.
The funding round was led by Microsoft’s M12 fund and saw the participation of other crypto firms such as Polygon and Avalanche.
Space and Time is a platform whose objective is to transform centralized databases into reliable data sources powered by Smart Contracts and, therefore, that are decentralized.
Basically Space and Time proposes a cryptographic protocol that allows data to be stored in a decentralized manner but that also guarantees that the information has not been manipulated. The project aspires to be applied in different areas of Web3, such as Decentralized Finance (DeFi) and GameFi.
The objective is that the Space and Time solution manages to increase the growth capacity of all the ecosystems that live within the Web3, but, for this, they need established giants to help them reach the goal.
Microsoft leads the funding round
The latest round of funding was led by Microsoft’s M12 fund. M12, formerly known as Microsoft Ventures, is a corporate venture capital subsidiary of Microsoft. M12’s mission is to empower entrepreneurs with capital, connections, and of course, access to Microsoft.
Other participants in the round included Polygon, Avalanche, Framework Ventures, HashKey, Coin DCX, among others.
According to the press release the newly raised funds will be used to speed up engineering and product development.
In early 2022, Space and Time executed a funding round raising US$10 million, which was led by Framework Ventures, with participation from Digital Currency Group (DCG), SamsungNext, and IOSG Ventures, among others.
Growth of the Web3
The basic idea behind Web3 has gained strength over the last few years. The world demands greater decentralization, a characteristic that is not conceived within Web2 and, therefore, the Internet must migrate to Web3.
For those who don’t know, Web3 or Web3.0 is a concept that belongs to the next generation of the Internet where ownership and power are returned to the user.
Currently the Internet is dominated by large companies that centralize power and ownership such as Google or Facebook. However, the idea of Web3 is recent and the Internet will not be transformed overnight, although for some it may be so.
In case it’s not obvious, things are already changing, for example there are already browsers like Brave presenting an alternative to the popular Web2 browser, Google Chrome as well as massive changes seen in the finance sector with decentralized options. .
Even so, there is still a lot to be built as far as Web3 is concerned and Space and Time is a project that wants to contribute to this decentralized world.
You might be interested in: