SxT Labs has disclosed that Framework Ventures has led a $20 million Series A funding round.
SxT Labs‘ Series A round was supported by Framework Ventures, Lightspeed Faction, Arrington Capital, Hivemind Capital, Microsoft’s M12 Ventures, and OKX Ventures.
The organization is developing a verifiable computation layer integrating blockchain technology and artificial intelligence.
In addition to Microsoft’s M12 Ventures, DCG, F-Prime Capital, OKX Ventures, Circle Ventures, and Alumni Ventures, the round was also supported by numerous venture capital firms, such as Arrington Capital, Hivemind Capital, and Lightspeed Faction.
SxT Labs Raises $2M Series A Round
SxT Labs has received $50 million in funding to expedite the development of its products and engineering.
SxT Labs has reportedly dedicated the past two years to developing its proof-of-SQL. This zero-knowledge (ZK) circuit enables smart contract developers and companies to verify data integrity. For example, the solution could be employed in decentralized finance (DeFi) to verify the credibility of creditors using real-time data or to monitor the performance of assets.
The startup’s data repository enables the analysis of both indexed blockchain data and centralized databases using SQL queries, thereby enabling the verification of the integrity of data and operations on and off-chain.
It is reported that the proof-of-SQL stack has processed over 5.3 billion database requests since April 2023, with an average of 500,000 inquiries per month while in beta.
Okx Ventures reports that the technology has generated over $4.5 million in annual recurring revenue and can be indexed on popular chains, including Ethereum, Bitcoin, ZKsync, Polygon, Sui, Aptos, and Sei.
As the industry continues to develop and attract more institutional actors, protocols have significantly increased, developing similar solutions to improve onchain infrastructure in the blockchain space. For instance, Pi Square is also creating a ZK Circuit to serve as a universal settlement layer for blockchain transactions. Polychain Capital recently led a $12-million funding round for the startup.
In a statement, Nate Holiday, co-founder and CEO of SxT Labs, stated, “We believe that this will actualize the vision of blockchain technology: a world that is not dependent on trust, which will become increasingly critical as AI continues to advance.”
