EXCLUSIVE: Microsoft’s venture arm led this Web3 startup’s $20 million funding round. Check out the 14-slide pitch deck the company used to raise.
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- Space and Time, a Web3 startup, announced a $20 million funding round on Tuesday.
- Microsoft’s M12 fund, Framework Ventures, Polygon, and Blizzard the Avalanche Fund are all investors.
- Check out the 14-slide pitch deck the startup used to raise in this Insider exclusive.
Space and Time, a decentralized data platform, secured a $20 million raise, led by Microsoft’s venture arm. The fresh capital will go towards product development, cofounder and CEO Nate Holiday told Insider in a statement on Monday.
Founded in 2022, the Web3 startup bills itself as the “first truly decentralized solution for rapid and secure data processing,” according to a press release, aiming to make dApps, or apps built on the blockchain, more secure and less siloed.
“Due to inherent limitations in storage and compute of blockchains, business logic has only just begun to be written into smart contracts,” Holiday said. “Adoption requires familiar tools that allow enterprises and dapp developers to bridge blockchain technology with centrally controlled databases and complex business logic.”
Other backers in the latest round include Framework Ventures, Polygon, Foresight Ventures, Coin DCX HashKey, SevenX Ventures, Blizzard the Avalanche Fund, Stratos, Hash Capital, and various angel investors.
Space and Time announced a $10 million seed round in July, led by $1.4 billion crypto venture capital firm Framework Ventures.
Microsoft and Web3
The New York-based company will also integrate on Azure – Microsoft’s cloud computing service – which will give customers an on-ramp to manage and access analysis of on-chain data.
“We look forward to seeing the ways in which Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts,” Michelle Gonzalez, corporate vice president and global head of M12, said in a statement. “As blockchain technology finds applications in a wide range of industries, Space and Time is building the foundation to shape this work in a Web3 environment.”
However, this is not Microsoft’s – or one of its subsidiaries – first move into crypto.
The nearly $2 trillion company previously announced a partnership with multi-chain smart contract platform, Astar Network. The tech giant also invested in Ethereum software technology firm, ConsenSys’ $450 million funding round, bringing the startup to a $7 billion valuation, in March. Microsoft also led an early-stage raise in Palm NFT Studio.
Microsoft announced plans to acquire video game publisher Activision Blizzard for $68.7 billion, in what the company called a way to “provide building blocks for the metaverse.”
“As the digital and physical worlds come together, we are creating an entirely new platform layer which is the metaverse,” Satya Nadella, the Chief Executive Officer of Microsoft, previously said. “In a sense, the metaverse enables us to embed computing into the real world and to embed the real world into computing bringing real presence to any digital space.”
Check out the 14-slide pitch deck the startup used to raise in this Insider exclusive.