Lumoz Raises $120M for its Scaling Infrastructure Project
OKX Ventures, HasKey Capital and KuCoin Ventures paticipated in the funding round
April 8, 2024 05:45 PM
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TL;DR Lumoz, a blockchain scaling infrastructure project, has announced plans to launch its token in August. The company recently completed a pre-Series A funding round, valuing it at $120 million. This development follows a successful seed funding last year, marking significant growth and interest from major investors in the blockchain space.
Lumoz, previously known as Opside, is making headlines once again in the blockchain community. Jeffrey Yang, co-founder of Lumoz, shared with The Block that the company is gearing up for a token launch this coming August. The announcement comes on the heels of a successful pre-Series A funding round that saw the company valued at a whopping $120 million.
The round attracted attention from heavyweight investors such as OKX Ventures, HashKey Capital, and KuCoin Ventures, among others, solidifying Lumoz's position in the blockchain infrastructure arena.
Founded in March 2022 and based in Hong Kong, Lumoz has quickly established itself as a vital player in the blockchain scaling sector. The company provides a zk-rollup as a service (ZK-RaaS) platform, enabling developers to launch their own application-specific zk-rollups effortlessly.
This service is particularly significant given the growing need for efficient and scalable blockchain solutions. Jeffrey Yang emphasized that Lumoz's platform is designed to reduce the substantial computing costs associated with zero-knowledge proof (ZKP) computation, thereby facilitating more efficient blockchain scaling.
The recent funding round and upcoming token launch are not the only milestones for Lumoz. Last year, the company raised $4 million in a seed funding round, and in October, it underwent a rebranding from Opside to Lumoz. This change was prompted by a desire to more accurately reflect the company's focus on zk-rollups, as opposed to the previously assumed optimistic rollups.
"We help others build zk-rollups and also provide the underlying modular compute layer," said Yang.
Looking ahead, Lumoz has ambitious plans for expansion. The company intends to grow its team, particularly in the engineering and business development departments.
Additionally, the mainnet launch of its compute layer is scheduled for July, paving the way for the token generation event in August. Lumoz's approach to blockchain scaling and its innovative ZK-RaaS platform have positioned it as a formidable competitor in the space, with potential implications for the broader blockchain ecosystem.
