By Medha Singh
(Reuters) - Space and Time, a decentralized data analytics platform, secured $20 million in funding from a group of investors led by Microsoft (NASDAQ:MSFT) venture capital arm M12, valuing the company at $300 million.
The company, which aims to run analytics on data stored on blockchain as well as outside of it for smart contracts, plans to use the funding to hire more engineers, said Nate Holiday, co-founder, Space and Time.
"There is massive amounts of data and use cases coming from blockchain technology's multi-chain world, and insights and data from centralized data stores ... and Space and Time sits at the bridge that links them," Holiday said.
Space and Time is currently testing its technology with Web3 gaming platforms, Holiday added. Web3 is a term used to refer to a utopian, decentralized version of the internet.
The company also said it would integrate with Microsoft's Azure, that would allow customers of the cloud-computing business to access, manage and perform analytics on blockchain-stored data.
Space and Time plans to launch an alpha version of its product by the end of this year, a beta launch in Spring of 2023, and expects the product to go live in the fall of 2023, Holiday said.
The Newport Beach, California-based firm, founded as a part of Chainlink Labs' startup program, raised $10 million in seed funding in July.
The latest funding round also saw participation from Framework Ventures, HashKey, Polygon, Blizzard the Avalanche Fund, and Coin DCX, among others.