Cryptocurrencies News Today

Space and Time (SxT) Labs, the company building the verifiable compute layer, today announced that it has secured $20 million in Series A funding to extend its market leadership at the intersection of AI and blockchain. The Series A equity financing brings the company’s total funding to-date to $50 million. The funds from this latest round are intended to accelerate engineering and product development and to enhance ecosystem and community growth. The round was led by Framework Ventures, Lightspeed Faction, Arrington Capital and Hivemind Capital. Additional participating investors include Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, Alumni Ventures and several other marquee investors. This funding round follows a $20 million strategic funding round led by Microsoft’s M12 Ventures in September of 2022. “We are thrilled to announce our Series A funding round backed by our world-class investors in order to accelerate an equitable AI future for internet users. 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. Blockchain technology lays the groundwork for true community ownership, empowering individuals to create applications, deploy them to their communities and build their own economies around what they’ve created. With AI continuing to reshape both the global economy and job markets, blockchain empowers individuals to take ownership of what they build, paving the way for a more equitable economic future. SxT will continue to play a pivotal role powering this new era of community-driven innovation in AI by providing developers the data, infrastructure and developer tools they need to build next-gen applications at the intersection of AI and blockchain. The SxT network combines three key technologies: Blockchain indexing: SxT collects comprehensive data from major chains, including Ethereum, Bitcoin, ZKsync, Polygon, Sui, Aptos and Sei and provides it at no cost to developers building in the network. Data warehouse: The SxT data warehouse, which is now in general availability, stores both indexed blockchain data and customer-loaded offchain datasets, where developers can analyze the data using SQL. Since the data warehouse launched, SxT has seen immense adoption and growth, reporting over 5.3B database requests a month on average and over 300% growth in annual recurring revenue (ARR) over the last year. ZK coprocessor: In June, SxT announced the release of Proof of SQL, the first sub-second zero-knowledge (“ZK”) coprocessor that unlocks trustless data processing at scale. The team has been working closely with its enterprise partners on a groundbreaking solution for developing verifiable large language models (LLMs) using this novel ZK technology. The SxT team is composed of world-class AI and cryptography researchers who have already made waves across AI, blockchain and ZK. Microsoft shared in a blog that the M12 portfolio company has been working closely with the Microsoft AI Co-Innovation Lab to accelerate its generative AI tools. The SxT research team is currently working with Microsoft on a next-generation solution for AI-powered app development. “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,” said Michael Anderson, Co-Founder of Framework Ventures. “SxT is actively solving infrastructure problems, which in turn is ushering in more applications that are exciting users and amplifying interest. That is why our support has been unwavering and we hold steadfast in our belief that Proof of SQL solves for the need to ensure applications globally that are being run on centralized databases are no longer tamperable. At Framework, we believe that blockchain is critical and it is through companies like SxT that we will be able to advance the use cases - not only within the DeFi universe but also TradFi and AI.” About Space and Time Space and Time (SxT) is the verifiable compute layer for AI x blockchain that joins tamperproof onchain and offchain data to deliver enterprise use cases to smart contracts and LLMs. SxT has developed a novel cryptography called Proof of SQL that allows developers to connect analytics directly to smart contracts, opening up a wealth of powerful new use cases and business logic on blockchain technology. SxT is built from the ground up as a multichain data platform for developers in financial services, gaming, DeFi, or any project requiring verifiable data across enterprise, blockchain and AI. About Framework Ventures Framework Ventures is a major VC firm in the crypto industry, known for its early investments in several multi-billion dollar protocols across the DeFi and web3 gaming industries. In 2022, the firm raised $400M for its third fund, and has since significantly expanded into additional maturing verticals like web3 gaming, real world assets, and social crypto. To learn more visit: https://framework.ventures/.