Microsoft-backed startup Space and Time Labs announced it raised $20 million in Series A financing, bringing its total funding to $50 million, according to a statement.
"The funds from this latest round are intended to accelerate engineering and product development and to enhance ecosystem and community growth," the company said.
Space and Time aspires to provide developers with data, tools and infrastructure capable of improving the development of applications "at the intersection" of artificial intelligence and blockchain. Back in 2022, the startup raised $20 million in a round led by Microsoft's venture arm M12.
As the development of the AI industry races forward, some tech founders and executives argue that blockchain technology's ability to help authenticate data could provide deterrents against some of the perceived risks of a world increasingly reliant on artificial intelligence.
For example, Sam Altman, CEO of Microsoft-funded OpenAI, is one of the leading figures who currently straddles these two worlds. On one hand, he founded the company that introduced ChatGPT, while on the other, he co-founded Tools for Humanity, the main developer behind the Worldcoin project, which seeks to use blockchain technology to distinguish humans from AI actors.
While Space and Time's focus differs from Worldcoin's, the startup is also seeking to use blockchain technology as a means to stave off potential threats posed by AI. "With AI continuing to reshape both the global economy and job markets, blockchain empowers individuals to take ownership of what they build," the company said in its statement.
Space and Time released Proof of SQL in June, calling it the "first sub-second zero-knowledge coprocessor that unlocks trustless data processing at scale." The startup said it is working to create verifiable large language models or LLMs.
The $20 million Series A financing announced Tuesday was led by Framework Ventures, Lightspeed Faction, Arrington Capital and Hivemind Capital, according to Tuesday's announcement.
"We believe that blockchain is critical and it is through companies like [Space and Time] that we will be able to advance the use cases, not only within the DeFi universe, but also TradFi and AI,” Framework Ventures co-founder Michael Anderson said in the statement.
