Blockchain database company SxT Labs raises $20M in Series A round
Space and Time (SxT) Labs has announced that it has raised a $20-million Series A funding round led by Framework Ventures. The company is developing a verifiable computing layer by combining artificial intelligence and blockchain technology.
Several venture capital firms contributed to the round: Lightspeed Faction, Arrington Capital and Hivemind Capital, as well as Microsoft M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures and Alumni Ventures.
To date, SxT Labs has secured $50 million in funding to accelerate engineering and product development.
SxT Labs has reportedly spent the past two years developing a SQL Validation (ZK) circuit that gives smart contract developers and companies the ability to verify data integrity. For example, in decentralized finance (DeFi), the solution can be used to verify the credibility of borrowers based on real-time data or monitor asset performance.
The startup's data warehouse allows data-driven blockchain data and centralized databases to be analyzed using SQL queries, providing a way to perform data and operations on and off-chain.
Source: SxT Labs
In beta as of April 2023, the SQL Validation stack has reportedly processed more than 5.3 billion database queries, an average of 500,000 queries per month. According to OKX Ventures, the technology has generated more than $4.5 million in annual revenue and can be indexed on popular chains such as Ethereum, Bitcoin, Zysync, Polygon, Sui, Aptos, and SE.
As the blockchain space evolves and attracts more institutional players, the blockchain space has seen a proliferation of protocols that develop similar solutions to power the onchain infrastructure. Pi Square, for example, is developing the ZK circuit as a universal settlement layer for blockchain transactions. The startup recently closed a $12-million funding round led by Polychain Capital.
“We believe this realizes the vision of blockchain technology: a world that doesn't rely on trust, and AI will become more important than ever as it accelerates,” said Nate Holliday, co-founder and CEO of SxT Labs. he said in a statement.
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