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.
Per an Aug. 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 funding.
The funds are said to be used to accelerate âengineering and product development and to enhance ecosystem and community growth.â The latest investment brings Space and Time Labsâ total funding to $50 million, building on a previous $20 million strategic investment led by Microsoftâs M12 Ventures in 2022.
Space and Time Labs allocates $50 million to boost smart contracts
Space and Time Labs co-founder Nate Holiday emphasized the companyâs mission to make smart contracts more intelligent and expand their use cases, saying the startup is committed to âempowering 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.â
In 2023, Space and Time partnered with Chainlink to utilize the projectâs oracles network, enabling web3 games to facilitate more sophisticated on-chain rewards. Additionally, the startup has formed partnerships with NVIDIA, AWS, Polygon, and Avalanche, among others, as highlighted on its official website.
The latest funding round bolsters Space and Time Labsâ goal to simplify web3 data ecosystems, aligning with co-founder Nate Holidayâs vision of a future where âbusiness logic, automation, and verification is all done through smart contracts.â