Lumoz Raises $6M for ZK-RaaS Platform Expansion

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Lumoz, previously named Opside, successfully secured $6 million in pre-series funding, giving the company a valuation of an impressive $120 million. In this latest funding round, OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, and Kernel Ventures have invested a total of $2.1 million. Additionally, the co-founder of Polygon, Sandeep Nailwal, has also joined in as an investor.

Breaking News: Lumoz (previously known as Opside), a zero-knowledge roll-up solution, raises $6 million in Series A funding; Backers include OKX Ventures, Hashiki Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, and Kemel Ventures; Valuation hits $120 million.

— BitcoinWorld Media (@ItsBitcoinWorld) April 8, 2024

Based in Hong Kong and founded in March 2022, Lumoz is a company that provides a platform for zk-rollup technology known as ZK-RaaS. The goal of Lumoz is to make it simpler for developers to introduce their applications. By offering streamlined solutions for deploying scalable blockchain projects, Lumoz aims to increase efficiency and cut down costs.

More recently, the project previously known as Opside underwent a rebranding to Lumoz in October. The primary objective of Lumoz is to clarify any misunderstandings regarding its role in zk-rollups. With a strong commitment to zk-rollups, Lumoz provides a versatile compute layer designed to assist developers in managing the significant computational expenses related to generating zero-knowledge proofs for zk-rollups.

AltLayer is recognized as a close rival to Lumoz in the RaaS (Raspi as a Service) market, specializing in application-specific rollups. Nevertheless, Lumoz sets itself apart by supporting multiple types of zk-rollups such as Polygon CDK, zkSync, Scroll, and StarkNet.

Lumoz intends to grow its workforce and improve its facilities, with a strong emphasis on engineering and business development departments. Additionally, the company is targeting a summer launch for its compute layer’s main network in July, followed by a token creation event in August.

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2024-04-08 21:08