Microsoft has teamed up with Polygon and Avalanche to raise $20 million in funding for a Web3 automation company.
Space and Time, a Web3 automation company, which aims to transform centralized databases into trustless data sources powered by smart contracts, has closed a funding round worth 20 million.
The most striking thing about the financing round has been the participation of M12, Microsoft's venture capital investment fund, which indicates the company's interest in new technologies.
In addition to Microsoft, native Web3 companies such as: Polygon or Avalanche, as well as sector investment funds such as Framework Ventures, SevenX Ventures, Stratos, Hash CIB and others.
Nate Holiday, CEO of Space and Time, is pleased to have Microsoft's participation in the financing and assures that his company It is at the intersection of on-chain and off-chain data computing, so it could become a strategic player in the evolution of traditional technology companies towards Web3.
On the other hand, M12 has shown its interest in Space and Time, since Microsoft is interested in knowing How centralized systems can be automated and connected to smart contracts.
Space and Time is also part of the program Startup with Chainlink, created by the company of decentralized oracles to support emerging companies in the sector and help them develop their services and products.
Microsoft and Web3
Microsoft has a time working on implementing blockchain and Web3 technology in its products and services. In February, the company posted a job opening to fill a crypto director position, who would be responsible for directing the Web3 strategy.
This year, Microsoft has also acquired the video game developer Activision Blizzard, with the intention of take your first steps in the metaverse and Web3.
Later, Yorke Rhodes, Microsoft's blockchain development lead, explained in an interview with Decrypt that the company has been working with Ethereum tools for some time.
However, in recent months they have also begun to research and develop on other blockchains, with different capabilities and characteristicsThe idea is to have a broad portfolio and not a specialized service, since the company aims to offer interoperable functionalities and not limit itself to a single blockchain. In this way, they could avoid the creation of closed ecosystems, something that the “non-crypto” community mostly rejects.
[hubspot type=cta portal=20298209 id=38fb28e1-1dc1-40e3-9098-5704ca7fcb07]
