SxT Labs Announces $20M Series A Funding to Accelerate Engineering and Product Development of Its Verifiable Computing Layer Combining AI and Blockchain Technology

Space and Time (SxT) Labs has announced a $20-million Series A funding raise led by Framework Ventures. The company is working on a verifiable computing layer combining artificial intelligence and blockchain technology.

Space and Time (SxT) Labs, a Web3 startup, has announced a $20-million Series A funding round led by Framework Ventures. The round also saw participation from several venture capital firms, including Lightspeed Faction, Arrington Capital and Hivemind Capital.

Moreover, Microsoft’s M12 Ventures, Digital Currency Group (DCG), F-Prime Capital, OKX Ventures, Circle Ventures and Alumni Ventures also contributed to the round, bringing SxT Labs’ total funding raised to date to $50 million.

SxT Labs is focused on building a verifiable computing layer that combines artificial intelligence (AI) and blockchain technology. The startup claims to have spent the last two years developing its proof-of-SQL, a zero-knowledge (ZK) circuit that enables smart contract developers and companies to verify the integrity of data.

In the decentralized finance (DeFi) space, for instance, the solution could be used to verify the credibility of borrowers based on real-time data or to track the performance of assets.

SxT Labs’ data warehouse allows both indexed blockchain data and centralized databases to be analyzed using SQL queries, thus providing a way to verify the integrity of data and operations on and offchain.

In beta since April 2023, the proof-of-SQL stack has reportedly processed over 5.3 billion database requests, with an average of 500,000 queries per month. According to OKX Ventures, the technology has generated over $4.5 million in annual recurring revenue and can be indexed on popular chains, such as Ethereum, Bitcoin, ZKsync, Polygon, Sui, Aptos and Sei.

Several protocols are being developed to enhance onchain infrastructure as the blockchain space evolves and attracts more institutional participation.

For instance, Pi Square is also developing a ZK Circuit for a universal settlement layer for blockchain transactions. The startup recently closed a $12-million funding round led by Polychain Capital.

“We believe this will realize the vision of blockchain technology: a world that doesn’t have to rely on trust, which will be more important than ever as AI continues to accelerate,” Nate Holiday, co-founder and CEO of SxT Labs, said in a statement.

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