Artificial intelligence (AI) verifiable compute layer Space and Time (SxT) raised $20 million in its Series A funding round.
According to an Aug. 28 announcement, the funding round saw the participation of venture capital firms Cypher Capital, Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, Alumni Ventures and others. With this latest round, the total raised by Space and Time reached $50 million.
Per the announcement, the newly raised funds will be spent on engineering and product development, enhancing ecosystem growth and community engagement. Harsh Agarwal, Investment Lead at Cypher Capital said:
“We are always on the lookout for projects that stand to make a significant impact across the industry. […] Space and Time’s innovative approach to integrating AI with blockchain technology aligns perfectly with our investment strategy to advance transformative solutions. We are sure their compute layer will play a pivotal role in shaping the future of decentralized applications and trustless data processing.”
Space and Time’s Series A funding round follows the company previously raising funds from Microsoft’s M12 Ventures in September 2022. The company includes blockchain indexing products for Ethereum (ETH), Bitcoin (BTC) and Polygon (MATIC).
Space and Time also provides a data warehouse for integrating and analyzing both on and off-chain data with SQL-based tools. The project developed a proof-of-work-like protocol called proof of SQL, which leverages a zero-knowledge proof-based coprocessor for scalable and trustless data processing.
The project’s official website further explains that the firm’s infrastructure also leverages AI to allow for natural language queries for data in the database. In other words, users can ask questions about the data in the database or data warehouse and get relevant answers and data.
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Source: https://cryptodaily.co.uk/2024/08/ai-computing-layer-space-and-time-raises-20-in-series-a-round