Microsoft’s M12 Leads $20M Strategic Funding for Blockchain Data Platform

Set to launch later this year, decentralized data platform Space and Time will integrate with Microsoft Azure.

AccessTimeIconSep 27, 2022 at 3:58 p.m. UTC
Updated May 11, 2023 at 6:51 p.m. UTC

Decentralized data platform Space and Time has secured $20 million in strategic funding led by Microsoft’s venture capital arm M12. The news comes two months after Space and Time raised $10 million in a seed round, and shortly before the alpha release of the data platform before year’s end.

“We want to build a more mature, enterprise-secure data warehouse from the start,” Space and Time CEO Nate Holiday told CoinDesk in an interview. “The funding is going toward engineering the more mature product, integrations with larger data ecosystems like Microsoft and also ensuring that we have great customer adoption and use case development.”

  • Has Crypto Become Political?
    Has Crypto Become Political?
  • FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
    FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
  • DJT Token Rallied 180% on Trump Rumors
    DJT Token Rallied 180% on Trump Rumors
  • How Fed's Interest Rate Decisions Could Affect Crypto
    How Fed's Interest Rate Decisions Could Affect Crypto
  • Holiday noted that Microsoft is also a major traditional gaming player through its Xbox business, which could help Space and Time build the gaming database for Web3.

    Other investors in the strategic round included Framework Ventures (who led the seed round), HashKey, Foresight Ventures, SevenX Ventures, Polygon, Blizzard the Avalanche Fund, Hash Capital and Coin DCX, among others.

    Space and Time combines on-chain and off-chain data in a trustless environment that supports enterprise-scale analytics. The startup is also developing a novel cryptographic protocol called proof of SQL that would allow blockchain applications to rapidly generate analytical insights in a decentralized, low-cost and secure way. Providing data tools familiar to Web2 enterprises could make for an easier transition to Web3.

    Microsoft shuttered its Azure-based blockchain-as-a-service platform in May 2021 after about six years of existence with no reason provided at the time.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.