Space and Time Labs, a distinguished firm dedicated to working on the verifiable compute layer, shares groundbreaking news to raise $20M in Series A funding. Through this fundraising, Space and Time (SxT) Labs will extend its leadership in Artificial Intelligence (AI) and Blockchain Technology.
Series A funding adds a large amount of $20M to the SxT’s funds, summing to $50 million. SxT Labs is determined to use the amount to boost product development and expand the lab’s community and ecosystem. Additionally, SxT will employ the funds to drive the future of artificial intelligence (AI).
The round was being led by the FinTech giants including Hivemind Capital, Arrington Capital, Lightspeed Faction, and Framework Ventures. Moreover, a few other investors also took part in the fundraising round i.e., Alumni Venture, Circle Ventures, OKX Ventures. This round roughly gathered $20 million.
SxT Labs Aims to Accelerate the Equitable Future of AI
This funding round is unique of its kind as a well-known compute layer. Space and Time Labs is raising the funds to accelerate the equitable future of artificial intelligence (AI). Nate Holiday, Chief Executive Officer (CEO) and Co-founder of Space and Time Labs commented on the recent fundraising and disclosed the futuristic objectives of this round. He said,
“We are thrilled to announce our Series A funding round backed by our world-class investors 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.”
He also praised blockchain technology and artificial intelligence by referencing their unique features. Blockchain technology enables people to own, what they create and ensures their safety and security as well. People can develop applications and share them with their community and can also generate the revenue.
On the other hand, Artificial Intelligence (AI) and transformed the concept of economy and innovation at the global level. Additionally, AI is now being used in financial markets, and by combining AI and blockchain people can create their creations and generate revenue.
SxT Labs Combines the Three Advanced Technologies
SxT is combining three advanced and efficient technologies i.e., blockchain indexing, data warehouse and ZK coprocessor. In blockchain indexing, SxT lab collects data from significant blockchains like ZKsync, Aptos, Sei, Sui, Polygon, Ethereum and Blockchain and provides it to developers at zero cost.
The data warehouse of SxT stores both forms of data, indexed blockchain data and customer-loaded off-chain datasets. Developers have access to analyze the data employing SQL. SxT is evidence of significant growth and adoption since the launch of the data warehouse. On a rough estimate, SxT handles 5.3 billion database requests per month.
Back in June, SxT introduced Proof of SQL, the first and unique zero-knowledge coprocessor to process the data in milliseconds. Due to this technology, now developers can process trustless data at a large scale in a very short time. This ZK technology will now be used to process and develop verifiable large language models.
Space and Time (SxT) to Revolutionize AI and Blockchain
SxT Lab is known for having experts and professional AI and cryptographic researchers working for on AI, ZK and blockchain technology. Microsoft also quoted the efficiency of SxT labs in its blog and praised its dedication to the growth and adoption of AI and blockchain technology.
Michael Anderson, the Framework Ventures’ co-founder also praises the team of Space and Time Lab. He admired the commitment of SxT working to accelerate the future of AI and blockchain. He said,
“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. SxT is actively solving infrastructure problems, which in turn is ushering in more applications that are exciting users and amplifying interest.” Moreover, he was of the view, “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.”
