Blockchain database firm SxT Labs has secured $20 million in a Series A funding round led by Framework Ventures! Other notable investors include Lightspeed Faction, Arrington Capital, Hivemind Capital, Microsoft’s M12 Ventures, and OKX Ventures.
🔗 About SxT Labs: The company is pioneering a verifiable computing layer that combines AI and blockchain technology. Their innovative Proof of SQL, a zero-knowledge (ZK) circuit, enables smart contract developers to verify data integrity in real time, making it a game-changer for decentralized finance (DeFi).
💡 Key Highlights:
- Total Funding: $50 million to date, aimed at accelerating engineering and product development.
- Technological Milestone: Proof of SQL stack in beta since April 2023, processing over 5.3 billion database requests, generating $4.5 million in annual recurring revenue.
- Future Potential: Positioned to transform onchain and offchain data verification for DeFi, using SQL queries to analyze blockchain data and centralized databases.
🌐 Why It Matters: As the blockchain industry evolves, solutions like those from SxT Labs are crucial for ensuring data integrity and building trustless systems. With the rise of AI and increased institutional interest, the future looks bright for blockchain technology!
Stay tuned for more updates from the cutting edge of blockchain innovation! 💥
