Funding announcement: Space and Time, a web3 AI startup, scores $20 million in Series A financing
In the ever-evolving landscape of technology, Space and Time continues to make waves. The company, which focuses on the intersection of artificial intelligence (AI) and blockchain technology, recently secured a significant investment of $20 million in a Series A funding round. The round was led by Microsoft's M12 Fund, signifying growing industry confidence in Space and Time's innovative approach to blockchain data infrastructure [2].
This strategic investment is expected to propel Space and Time's platform's AI and blockchain integration capabilities, thereby boosting investor confidence in their ecosystem and token [2]. The funds will be primarily used to accelerate engineering and product development and to foster ecosystem and community growth.
Space and Time's technology offers solutions that integrate AI capabilities with blockchain, enabling seamless interoperability between traditional cloud services and decentralized blockchain applications. This interoperability can support a variety of applications such as decentralized finance (DeFi), supply chain transparency, and smart contract data analytics [2].
However, specific new product launches or detailed use cases beyond general infrastructure enhancement have not been explicitly mentioned in the latest public information [2].
The company's cryptocurrency token, SXT, is projected to have steady but modest growth in value through 2025 and beyond, reflecting market optimism tied to its technology development and funding milestones [1].
In addition to Microsoft's M12 Fund, Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital also participated in the funding round [2]. Framework Ventures' co-founder, Michael Anderson, commented on his company's participation, emphasizing the importance of blockchain in advancing AI use cases beyond DeFi and into TradFi [2].
Space and Time's work in the blockchain vertical is not limited to addressing AI-related issues. The company is also working on creating verifiable large language models, a testament to their commitment to pushing the boundaries of AI and blockchain integration [2].
Sources: [1] CoinMarketCap (2023). Space and Time (SXT) Price Prediction. [Online]. Available: https://coinmarketcap.com/currencies/space-and-time/ [2] Space and Time (2023). Press Release: Space and Time Secures $20 Million Series A Funding Round. [Online]. Available: https://www.spaceandtime.io/press-releases/space-and-time-secures-20-million-series-a-funding-round/
The strategic investment in Space and Time's platform is aimed at augmenting its AI and blockchain integration capabilities, generating buzz within the technology community. In addition to working on creating verifiable large language models, Space and Time is also exploring AI applications beyond DeFi, as emphasized by Framework Ventures' co-founder, Michael Anderson.
