Space and Time
Microsoft-backed ZK-proven (Proof of SQL) verifiable data warehouse and L1 for trustless data + AI; $40M total incl. M12 and Framework.
Executive summary
Conviction — Actively tracking for deal flow + warm intros.
The Lookout view: among the strongest verifiable-data plays — credible founders, a live sovereign chain, Proof of SQL, and a genuine Microsoft Fabric distribution edge — which earns Conviction. The open question is converting enterprise integrations into on-chain demand fast enough to support a 5B-supply token through its unlock schedule.
Key metrics
- Stage
- Series A
- Raised
- $40.0M
- Founded
- 2022
- Team
- —
- Geography
- United States
- Chain
- Own L1
- Token
- SXT
Lead investors
Market opportunity
Why this, why now.
Space and Time targets verifiable compute — letting smart contracts and AI models trust the output of large SQL queries via sub-second ZK proofs (Proof of SQL). With a Microsoft Fabric integration bringing verifiable on-chain data to enterprise analytics, it bridges crypto data-availability demand and the much larger enterprise data market.
Competitive position
Where it sits.
Competes in the ZK-coprocessor / verifiable-data layer with Lagrange, Axiom and Brevis, and in crypto data indexing with The Graph. Its differentiators are Proof of SQL, the Microsoft/M12 relationship and Azure Fabric distribution, giving it an enterprise channel rivals lack.
7-axis evaluation
The full read.
Team & Execution
Assessment in progress.
Tech & Differentiation
Assessment in progress.
Tokenomics & Economics
Assessment in progress.
Traction & Adoption
Assessment in progress.
Funding & Backers
Assessment in progress.
Narrative & Market Fit
Assessment in progress.
Risk Vectors
Assessment in progress.
Lookout risk view
What could break it.
- ■Post-TGE token has faced airdrop sell pressure; incentive sustainability.
- ■Verifiable-compute demand is early; enterprise adoption may lag the token.
- ■Crowded ZK-coprocessor field competing for the same dev mindshare.
VC fit
VCs that fit this deal.
Data confidence: Verified
Facts sourced · take is Lookout judgment
No advisory relationship at time of writing. If that changes, this memo updates first.
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