Space and Time (SxT) announced on August 27 the raise of $20 million in Series A funding to develop technology that integrates blockchain with AI applications.
According to an announcement published on X by the company, the funding round will support the development of tools to ensure transparency and verifiability in AI outputs through blockchain technology.
Transparency and Verifiability in AI Outputs
Venture capital firms led the funding round with a crypto focus, including Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital.
With the investments raised prior to this round, including a $20 million investment from Microsoft‘s venture capital fund M12, Space and Time has reached a total funding of $50 million.
2/ Our Ecosystem: Industry-Leading Investors and Partners
The round was led by @hiFramework, @FactionVC, @Arrington_Cap, and @HivemindCap, with participation from leading funds like @Microsoft’s @M12vc, @DCGco, @FPrimeCapital, @OKX_Ventures, @circle_ventures, @alumniventures,… pic.twitter.com/cp4WoAGu1Z— Space and Time (@SpaceandTimeDB) August 27, 2024
“[We’re] moving to an AI-powered world, meaning you don’t know what is being generated by AI and what is being generated by a person or corporations,” said Space and Time co-founder and CEO Nate Holiday.
Space and Time plans to use the newly raised funds to develop a range of blockchain-based tools designed to enhance the transparency and reliability of AI-generated outputs.
These tools will focus on verifying the origins and accuracy of data processed by AI applications, ensuring that results can be trusted and traced back to their sources.
“Most importantly, we launched the first sub-second ZK coprocessor (optimized specifically for SQL) that enables your smart contract to process data at the scale required to power your application in the time it needs to transact,” said the company.
Improving Data Integrity with Blockchain Tech
The company’s approach centers on leveraging blockchain’s immutable nature to create a trustworthy layer for AI, where data integrity and authenticity can be maintained without relying on intermediaries.
“[Space and Time] has real people building real technology, which especially in the blockchain x AI space, is harder to find,” stated Framework Ventures co-founder Michael Anderson. “When you see entrepreneurs like them coming in, it makes you excited about blockchain.”
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