Microsoft, Avalanche, Polygon invest 20 million USD in Web3 startup project

Microsoft, Avalanche, Polygon invest 20 million USD in Web3 startup project

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2022-10-01 21:17:50

In the funding round for the Space and Time data platform, many Web 3 and technology giants have decided to invest heavily.

Microsoft, Avalanche, Polygon pour capital for automation startup Web3

The web3 startup on the Space and Time project recently announced a raised capital of 20 million USD, strategically funded from investors, M12 venture fund of Vietnam. Microsoft (before is Microsoft Ventures)Avalanche and Polygon.

Besides, Space and Time also received capital from investors such as Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Stratos, Hash CIB, Coin DCX and the Web3 community and angel investors.

Nate Holiday, co-founder and CEO of Space and Time, expressed his excitement when receiving the backing from the venture capital fund of the “giant” of the technology world Microsoft. Nate says the company is in the process of both on-chain and off-chain data computation. The CEO also said that they will work with partners to build a data ecosystem for decentralized applications and businesses.

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

Previously, Space and Time has partnered with blockchain company Oracle Chainlink and is a participating project “Startup with Chainlink”. Sergey Nazarov, co-founder of Chainlink, says that they will continue to support Space and Time in its mission to build a decentralized data warehouse.

Currently, despite the gloomy market context, Web3 projects still earn millions of dollars of investment. Recently, on September 13, Doodles, an NFT collection, announced it had raised $54 million in funding, pushing its market capitalization to $704 million.

Earlier this September, blockchain founders Sui also announced they had raised $300 million to accelerate blockchain adoption and build infrastructure. Mysten Labs, a company founded by former Meta employees, said that it raised funds through a funding round led by FTX Ventures and Binance Labs.

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