3 months ago
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The Space and Time network taps into the fast-growing intersection of artificial intelligence and blockchain technology to enhance the mainstream adoption of smart contracts and DeFi protocols.
Cypher Capital, a Dubai-based multi-strategy investment firm with a vast portfolio in the blockchain space, has announced its major role in the Series A funding round for the Space and Time (SxT) network, a verifiable compute layer for artificial intelligence and blockchain technology. According to the announcement shared with Coinspeaker, Cypher Capital led other investment firms including Framework Ventures, Lightspeed Faction, Arrington Capital Hivemind Capital, Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, and Alumni Ventures, among others.
As a result, Space and Time has raised a total of $50 million from different investors to build the necessary infrastructure and community to enable mainstream adoption of smart contracts.
The $20 million secured in the Series A funding round will be channeled into product development, general ecosystem growth, and to strengthen community engagements ahead.
“We are always on the lookout for projects that stand to make a significant impact across the industry,” said Harsh Agarwal, Investment Lead at Cypher Capital. “Space and Time’s innovative approach to integrating AI with blockchain technology aligns perfectly with our investment strategy to advance transformative solutions. We are sure their compute layer will play a pivotal role in shaping the future of decentralized applications and trustless data processing.”
Space and Time Ready Mainstream Growth
The Space and Time project has been building its infrastructure throughout the crypto bear market and is now well-equipped to enable mainstream adoption amid the ongoing bull cycle fueled by institutional investors.
One of the product developments by Space and Time is the comprehensive blockchain indexing based on the Ethereum (ETH), Bitcoin (BTC), and Polygon (MATIC) networks. Another notable product suite by Space and Time is the robust data warehouse for integrating and analyzing both blockchain and off-chain data with SQL-based tools.
The Space and Time network has also developed the proof of SQL, a zero-knowledge coprocessor for scalable and trustless data processing. Other products include a dashboard with OpenAI, Space and Time DB, Extreme Workloads (HTAP), and API Gateway & streaming.
As a result, the Space and Time network is well suited for web3 developers seeking to build enriched smart contracts including gamifi.
Cypher Capital Leads Web3 Investment
Cypher Capital has actively engaged in early-stage Web3 investment in the past and continues to support innovative project development. For instance, Cypher Capital announced on Wednesday that it was part of the investors that backed Echelon, a non-custodial game-chains decentralized lending protocol.
The Cypher Capital team is committed to providing Web3 developers with the necessary capital and expertise to succeed in the blockchain ecosystem.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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