Microsoft M12 was the lead investor in a $20 funding round for Space and Time and the new “Proof-of-SQL” cryptography technology.
Microsoft still has plenty of interest in furthering blockchain technology despite shuttering its own Azure Blockchain Service in 2021. For example, the Microsoft M12 division has this week announced a multi-million investment into a “Proof-of-SQL” cryptography technology developed by Space and Time.
In a report, TechCrunch describes how Microsoft M12 led a recent $20 million round of funding into Space and Time. The investment division was joined by other investors including Foresight Ventures, HashKy, Framework Ventures, and SevenX Ventures.
In an announcement for the funding, Space and Time CEO and co-founder Nate Holiday says the investment will help spur technology that will create “a world where smart contracts will operate the business logic of the world through advance automation.”
Space and Time has created a “Proof-of-SQL” cryptography that the company says will help to automate business logic. For example, logic used in central systems. The new technology will automate smart contracts.
Microsoft’s investment will mean eventually the technology will integrate with Azure and provide blockchain services to customers. At the core of the cryptography is a solution that allows developers to easily build blockchain services without needing to develop multi-chain decentralized apps (dApps).
Back in 2019, Microsoft launched its M12 division. It was and is essentially a rebranding of the previous Microsoft Ventures business. Microsoft first created a sperate investment division with the launch of Microsoft Ventures in 2017.
However, customers were increasingly confused because Microsoft had a startup accelerator that is also known as Ventures. While that accelerator later because ScaleUp, Microsoft found that people were confusing two services.
To avoid that confusion, Microsoft M12 was born.
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