Space and Time, a decentralized data platform, has received $20 million in Strategic Funding from Microsoft’s venture capital arm, M12.

Microsoft announcement comes only two months after Space and Time raised $10 million in a seed round

The announcement comes two months after Space and Time raised $10 million in a seed round, just before the data platform’s alpha release before the end of the year.

“From the beginning, we want to build a more mature, enterprise-secure data warehouse,” Space and Time CEO Nate Holiday told CoinDesk in an interview. “The funding will be used to engineer a more mature product, integrate with larger data ecosystems such as Microsoft, and ensure that we have strong customer adoption and use case development.”

Holiday mentioned that Microsoft, through its Xbox business, is also a major traditional gaming player, which could help Space and Time build the gaming database for Web3.

Framework Ventures (which led the seed round), HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Hash Capital, and Coin DCX were among the other investors in the Strategic round.

Space and Time is a trustless environment that supports enterprise-scale analytics by combining on-chain and off-chain data. The company is also working on a novel cryptographic protocol called proof of SQL, enabling blockchain applications to generate analytical insights in a decentralized, low-cost, and secure manner. Providing data tools familiar to Web2 enterprises may facilitate the transition to Web3.

Microsoft shut down its Azure-based blockchain-as-a-service platform in May 2021, after about six years of operation, for no apparent reason.

The post Microsoft’s M12 Leads $20M Strategic Funding for Blockchain Data Platform appeared first on EarlyMinter.