SxT Labs Raises $20 Million in Series A Funding
Space and Time (SxT) Labs raised $20 million in a Series A funding round, a leap forward in their pursuit of the combination of artificial intelligence and blockchain technologies. Framework Ventures directed the round, while other significant venture capital firms participated in it, such as Lightspeed Faction, Arrington Capital, and Hivemind Capital. Besides these, some other major participants included Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures and Alumni Ventures.
Innovating Blockchain with AI and Verifiable Computing
SxT Labs is pioneering the creation of a verifiable computing layer by the use of artificial intelligence and blockchain technology. Proof-of-SQL, the zero-knowledge (ZK) circuit, which is at the heart of their innovation, was created to ensure data integrity. A major advantage of this technology is that it offers smart contract developers and business enterprises a means to validate the authenticity of the data, which is necessary for the DeFi and other applications.
The Proof-of-SQL Stack: A New Era in Data Verification
Since its beta launch in April 2023, Proof-of-SQL stack has managed to handle over 5.3 billion database requests besides receiving an average of 500,000 queries every month. As a proof for its purpose, technology has been demonstrated through the annual income of over $4.5 million. The indexes it allows, which include the most popular blockchains Ethereum, Bitcoin, ZKsync, Polygon, Sui, Aptos, and Sei, include its various features, including the wide-range application.
Growing Interest in Onchain Infrastructure Solutions
The ascent of SxT Labs is a part of the onchain infrastructure sector of the blockchain industry where companies have become more and more interested in improving the infrastructure. Furthermore, rivals like Pi Square, which is also working on blockchain transaction settlement with ZK Circuit technology targeting the universal level, are also progressing in the global industry. Therefore, the continuous backing of these products enables the rise in need for quality blockchain solutions which bring stability and security in the field as more people become educated about the technology.
A Vision for the Future of Blockchain and AI
“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,” said Nate Holiday, co-founder and CEO of SxT Labs, in a statement following the successful funding round.
SxT Labs has until now, raised around $50 million in total funding. Therefore, it is in a prime position to be the firm that will take the lead in the direction of technology that includes both blockchain and AI, being the firm that will determine the future of decentralized technologies.
