Space and Time Labs Raises $20M in Series A Funding for Blockchain and AI Advancement
Space and Time Labs, the developer behind the Space and Time (SxT) network, a verifiable compute layer for artificial intelligence (AI) and blockchain that delivers enterprise use cases to smart contracts and large language models (LLMs), has concluded a Series A funding round that netted $20 million from industry top dogs and marquee investors.
According to a press release sent to CryptoPotato, the funding from the latest round has raised SxT Labs’ total funding to date to $50 million. The resources will enhance the company’s position as a leader in the intersection between AI and blockchain. The funding will also accelerate the network’s product development and engineering and enhance ecosystem and community growth.
SxT Labs Raises $20M
Entities like web3-focused venture capital firms Framework Ventures, Arrington Capital, Lightspeed Faction, and Hivemind Capital led SxT Labs’ Series A funding round. The round also saw participation from other companies like OKX Ventures, Alumni Ventures, Circle Ventures, F-Prime Capital, DCG, and Microsoft’s M12 Ventures.
Notably, Microsoft’s M12 Ventures invested $20 million into SxT Labs in a strategic funding round in September 2022.
Michael Anderson, co-founder of Framework Ventures, said:
We have long believed in SxT, particularly given their commitment to solving the infrastructure needs of blockchain, having first invested in the company back in 2022. SxT is actively solving infrastructure problems, which in turn is ushering in more applications that are exciting users and amplifying interest.
Anderson said Framework Ventures supports SxT Labs’ efforts to power a new era of community-driven innovation in AI. The verifiable compute layer provides developers with data, infrastructure, and tools needed to build next-generation applications intersecting AI and blockchain.
Utilizing Proof of SQL
SxT Labs explained that its network combines three technologies – blockchain indexing, data warehouse, and zero knowledge (ZK) coprocessor.
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.
The ZK coprocessor unlocks trustless data processing via Proof of SQL. The SxT team is developing a solution for verifiable LLMs using this ZK technology.
“Space and Time is committed to empowering the community to own their future in an AI-powered world by providing the tools they need to build next-gen applications at the intersection of AI and blockchain,” said Nate Holiday, co-founder and CEO of SxT Labs.
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