SxT Labs Raises $20M in Series A for Blockchain Database Solutions

August 28, 2024 05:27 PM AEST | By Team Kalkine Media

Google News:

SxT Labs Raises $20M in Series A for Blockchain Database Solutions — Image source: shutterstock

Recent News

Caterpillar’s E&T segment is likely a core driver to the next EPS cycl...

Ro& by Armatec Global Appoints Former U.S. Air Force Lieutenant Genera...

Entergy Recognized as Civic 50 Honoree for the 10th Consecutive Year

Riot Platforms: Needham sees ’major opportunity’ in Corsicana

Space and Time (SxT) Labs has successfully raised $20 million in a Series A funding round led by Framework Ventures. The latest funding round saw participation from several notable venture capital firms, including Lightspeed Faction, Arrington Capital, and Hivemind Capital, as well as from Microsoft's M12 Ventures, OKX Ventures, DCG, F-Prime Capital, Circle Ventures, and Alumni Ventures.

This latest round of funding brings the total capital raised by SxT Labs to $50 million. The funds will be used to advance engineering and product development efforts. SxT Labs is focused on developing a verifiable computing layer that integrates artificial intelligence with {Blockchain} technology.

The core innovation of SxT Labs is its proof-of-SQL, a zero-knowledge (ZK) circuit designed to enable smart contract developers and organizations to verify data integrity. This technology has applications in decentralized finance (DeFi) by providing mechanisms to validate borrower credibility and monitor asset performance through real-time data.

The startup's data warehouse technology supports both blockchain data and centralized databases using SQL queries. This capability ensures the verification of data and operations on and off the blockchain. Since entering beta in April 2023, the proof-of-SQL stack has processed over 5.3 billion database requests, with an average of 500,000 queries per month. The technology has also generated substantial annual recurring revenue and is compatible with major blockchain networks, including Ethereum, Bitcoin, ZKsync, Polygon, Sui, Aptos, and Sei.

The blockchain sector is experiencing increased development of similar technologies aimed at enhancing on-chain infrastructure. For instance, Pi Square is working on a ZK Circuit intended to serve as a universal settlement layer for blockchain transactions, having recently closed a $12 million funding round led by Polychain Capital.

Nate Holiday, co-founder and CEO of SxT Labs, expressed that the advancement of such technologies is crucial for realizing the foundational vision of blockchain—creating a trustless world, which becomes increasingly vital as artificial intelligence progresses.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.