Space and Time Labs Raises $20M in Series A Funding for Blockchain and AI Advancement

As a seasoned analyst with over two decades of experience in the tech industry, I find Space and Time Labs’ recent Series A funding round of $20 million to be a noteworthy development. The involvement of industry heavyweights like Framework Ventures, Arrington Capital, Lightspeed Faction, Hivemind Capital, and Microsoft’s M12 Ventures underscores the potential of SxT Labs’ verifiable compute layer for AI and blockchain.

Space and Time Labs, the innovator behind the Space and Time (SxT) network – a reliable computational layer for AI and blockchain applications – successfully completed a Series A investment round, securing $20 million from key industry leaders and prominent investors.

Based on a recent announcement, SxT Labs has secured additional funds amounting to $50 million, bringing their total funding so far. This capital injection strengthens SxT Labs’ role as a pioneer at the crossroads of Artificial Intelligence (AI) and blockchain technology. The funds will facilitate faster advancements in product development, engineering, and will bolster growth within their network, ecosystem, and community.

SxT Labs Raises $20M

In this round of funding, venture capital firms specializing in web3 technologies such as Framework Ventures, Arrington Capital, Lightspeed Faction, and Hivemind Capital took the lead for SxT Labs’ Series A investment. Additionally, other companies including OKX Ventures, Alumni Ventures, Circle Ventures, F-Prime Capital, Digital Currency Group (DCG), and Microsoft’s M12 Ventures also joined in this funding round.

In September 2022, Microsoft’s venture capital arm, M12 Ventures, made a strategic investment of $20 million in SxT Labs. This significant investment was one of the highlights from that month.

Michael Anderson, co-founder of Framework Ventures, said:

For quite some time now, we’ve been strong advocates of SxT, primarily due to their dedication towards addressing the infrastructure challenges within the blockchain domain – a belief that led us to our initial investment in 2022. Today, SxT continues to actively tackle these infrastructure issues, which not only sparks enthusiasm among users but also fuels growing interest.

According to Anderson, Framework Ventures is backing SxT Labs as they aim to initiate a novel epoch of community-led ingenuity in Artificial Intelligence. The reliable compute layer offers developers the data, infrastructure, and tools essential for creating cutting-edge applications that combine AI and blockchain technologies.

Utilizing Proof of SQL

At SxT Labs, they made clear that their system unites three key components: the indexing of blockchain data, a data storage facility similar to a warehouse, and a co-processor called Zero Knowledge (ZK) technology.

Blockchain indexing provides developers with data from leading chains like Ethereum, Bitcoin, Polygon, and ZKSync. Data warehouse is a space where developers can use Structured Query Language (SQL) to analyze indexed blockchain data and customer-loaded offchain datasets.

1. The Zero-Knowledge (ZK) coprocessor enables trustless data processing through the Proof of SQL methodology. The SxT group is currently working on a verification system for Logical Likelihood Models (LLMs), leveraging this ZK technology.

“Nate Holiday, co-founder and CEO of SxT Labs, stated that Space and Time aims to equip the community to shape their own destiny in an era defined by AI and blockchain technology, offering them essential tools for creating cutting-edge applications where these two technologies intersect,” is a more natural and easy-to-read paraphrase of the original statement.

2024-08-28 10:58

Space and Time Labs Raises $20M in Series A Funding for Blockchain and AI Advancement

SxT Labs Raises $20M

Utilizing Proof of SQL

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