Data warehouse developer Space and Time Labs has raised $20 million in Series A funding to accelerate development at the intersection of AI and blockchain.
Los Angeles-based developer Space and Time Labs has secured $20 million in Series A funding to accelerate its efforts to merge artificial intelligence and blockchain.
According to an August 27 press release shared with crypto.news, the round was led by a group of investors including Framework Ventures, Lightspeed Faction, Arrington Capital and Hivemind Capital. Other investors such as DCG, F-Prime Capital, OKX Ventures and Circle Ventures also participated in the financing.
The funds are said to be used to “accelerate engineering and product development and to promote ecosystem and community growth.” The latest investment brings Space and Time Labs’ total funding to $50 million, building on a previous $20 million strategic investment led by Microsoft’s M12 Ventures in 2022.
Space and Time Labs allocates $50 million to drive smart contracts
Space and Time Labs co-founder Nate Holiday highlighted the company’s mission to make smart contracts more intelligent and expand their use cases, saying the startup is committed to “empowering the community to build their future in a shape the AI-powered world by providing the tools they need.” must build next-gen applications at the intersection of AI and blockchain.”
In 2023, Space and Time partnered with Chainlink to leverage the project’s oracle network, allowing Web3 games to enable more advanced on-chain rewards. Additionally, the startup has formed partnerships with NVIDIA, AWS, Polygon, and Avalanche, among others, as stated on its official website.
The latest round of funding supports Space and Time Labs’ goal to simplify Web3 data ecosystems, aligning with co-founder Nate Holiday’s vision of a future where “business logic, automation, and verification are all done through smart contracts.”