Microsoft, Avalanche, Polygon join $20M funding of Web3 automation startup

Web3 and tech companies have participated in a funding round for data platform Space and Time, which aims to transform central databases into trustless data sources powered by smart contracts.

In an announcement sent to Cointelegraph, Space and Time mentioned that it raised $20 million in strategic funding from investors like Microsoft’s M12 fund — the venture capital arm of Microsoft — Avalanche and Polygon. Investors also included Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Stratos, Hash CIB, Coin DCX, and other Web3 communities and angel investors.

Nate Holiday, the co-founder and CEO of Space and Time, expressed his excitement to have the support of Microsoft’s venture capital fund. He stated that the firm is at the intersection of on-chain and off-chain data computation. According to Holiday, it will work with its partners to build a data ecosystem for decentralized applications and enterprises.

Michelle Gonzalez, an executive at M12, expressed that M12 is looking forward to seeing the results and how centralized systems can be automated and connected to smart contracts.

Space and Time has also partnered with blockchain oracle firm Chainlink and is a part of its “Startup with Chainlink” program. Sergey Nazarov, the co-founder of Chainlink, said that the firm would continue to support Space and Time in its quest to build a decentralized data warehouse.

Related: Crypto investment product firm raises $25M to reach $2B valuation

Meanwhile, even though the markets are down, Web3 projects are raking in millions in investments. On Sept. 13, Doodles, a nonfungible token (NFT) collection, announced that it raised $54 million in funding, pushing its valuation to $704 million.

Earlier this month, the creators of the Sui blockchain announced that they raised $300 million that will be used to expedite the blockchain’s adoption and build its infrastructure. Mysten Labs, a firm founded by former Meta employees, said that it raised the funds through a funding round led by FTX ventures.