Lumoz Secures $6 Million Token Round, Valued At $120 Million, As It Prepares For Mainnet Launch
Unlike traditional rollup projects, Lumoz focuses on application-specific rollups, providing a tailored approach to scalability solutions.
Lumoz, formerly known as Opside, a pioneering blockchain scaling infrastructure project facilitating zk-rollups deployment, has successfully closed a pre-Series A funding round at a remarkable $120 million valuation. The round, totaling $6 million, saw participation from notable investors including OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, Kernel Ventures, and Sandeep Nailwal, co-founder of Polygon, according to news report by The Block.
Lumoz, which is set to launch its token in August, according to co-founder Jeffrey Yang. Lumoz, founded in March 2022 and headquartered in Hong Kong, aims to simplify and expedite the deployment of zk-rollups, offering a zk-rollup as a service (ZK-RaaS) platform that enables developers to launch application-specific zk-rollups with ease.
Explaining Lumoz's mission, Yang stated, "We help others build zk-rollups and also provide the underlying modular compute layer." The project's modular compute layer addresses the substantial computing costs associated with zero-knowledge proof (ZKP) computation for zk-rollups, making it more accessible and cost-effective for developers to leverage this technology.
Notable clients already utilizing Lumoz's ZK-RaaS platform include Layer 2 projects ZKFair and Merlin Chain, with Lumoz boasting compatibility with various zk-rollup types, including Polygon CDK, zkSync, Scroll, and StarkNet. Unlike traditional rollup projects, Lumoz focuses on application-specific rollups, providing a tailored approach to scalability solutions.
With the freshly secured funding, Lumoz plans to bolster its team, expand its engineering and business development functions, and prepare for the mainnet launch of its compute layer in July. Additionally, the project has been running a points program, with participants set to convert accrued points into future tokens upon the launch of its token generation event in August.
Overall, Lumoz's successful funding round underscores growing investor confidence in blockchain scaling solutions and positions the project as a key player in the evolution of decentralized infrastructure. As the blockchain landscape continues to evolve, Lumoz's innovative approach to zk-rollups promises to drive efficiency and scalability for developers worldwide.
