Space and Time Labs just announced some exciting news. They’ve raised $20 million in a Series A funding round. This round was led by Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital.
With this latest funding, the startup has now secured a total of $50 million. They previously raised $20 million in 2022, with that round also led by Microsoft’s venture arm, M12.
The company plans to use these new funds to speed up engineering and product development. They also aim to grow their ecosystem and community. Space and Time wants to give developers the tools and data they need to build applications that blend artificial intelligence and blockchain technology.
As the AI industry continues to advance, many tech leaders believe that blockchain can help verify data. This could reduce some risks that come with relying heavily on AI. For instance, Sam Altman, the CEO of OpenAI, is a key player in both fields. He created ChatGPT and co-founded Tools for Humanity, which is behind the Worldcoin project. This project aims to use blockchain to tell humans apart from AI.
While Space and Time's goals differ from Worldcoin's, they also want to use blockchain to tackle potential AI threats. The company stated, “With AI reshaping the global economy and job markets, blockchain empowers individuals to take ownership of what they build.”
In June, Space and Time introduced Proof of SQL. They call it the “first sub-second zero-knowledge coprocessor that unlocks trustless data processing at scale.” Plus, they’re working on creating verifiable large language models, or LLMs.
The $20 million Series A funding was announced recently. Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital all contributed. Framework Ventures co-founder Michael Anderson emphasized the importance of blockchain, saying, “We believe that through companies like Space and Time, we can advance the use cases not just in DeFi, but also in TradFi and AI.”