Lumoz Secures $6M to Power Blockchain Scaling Infrastructure

Lumoz (formerly Opside), a blockchain scaling infrastructure provider, has secured $6 million in pre-Series A funding at a $120 million valuation. Led by OKX Ventures and HashKey Capital, the financing will support Lumoz's expansion, engineering team growth, and the launch of its compute layer mainnet in July. As a ZK-RaaS (zk-rollup as a service) platform, Lumoz enables developers to build application-specific zk-rollups with ease, compatible with Polygon CDK, zkSync, Scroll, and other zk-rollup frameworks.

Lumoz Secures Pre-Series A Funding to Fuel Blockchain Scaling Infrastructure

Hong Kong-based Lumoz, a leading provider of blockchain scaling infrastructure, has secured a pre-Series A funding round, valuing the company at $120 million. The round was led by renowned investors, including OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, Kernel Ventures, and Polygon co-founder Sandeep Nailwal.

The $6 million funding round will enable Lumoz to enhance its platform and expand its team, further solidifying its position as a key player in the blockchain ecosystem.

Simplifying zk-Rollup Development

Lumoz's mission is to simplify the development and deployment of zero-knowledge (ZK) rollups, a cutting-edge scaling solution for blockchains. Its ZK-Rollup as a Service (ZK-RaaS) platform empowers developers to launch their own application-specific zk-rollups with minimal effort.

"We provide the underlying modular compute layer, reducing the substantial computational costs associated with ZK rollups," said Lumoz co-founder Jeffrey Yang.

Expanding Capabilities and Ecosystem

The funding will fuel Lumoz's expansion plans, including the hiring of additional talent in engineering and business development. The company is also gearing up for the launch of its compute layer mainnet in July.

"We believe that our ecosystem will ignite a new era of innovation and growth in the blockchain industry," added Yang.

Token Launch Schedule

Lumoz has been running a points program, with points redeemable for future tokens. The token generation event is scheduled for August.

Competitive Landscape

Lumoz faces competition from other RaaS platforms such as AltLayer. However, the company's focus on modularity and compatibility with various zk-rollup types sets it apart.

"Our platform is compatible with Polygon CDK, zkSync, Scroll, and StarkNet, offering developers greater flexibility and choice," said Yang.

About Lumoz

Lumoz, formerly Opside, was founded in March 2022. The company is headquartered in Hong Kong and has a team of over 30 experts.

About the Investors

OKX Ventures is the investment arm of OKX, a leading global cryptocurrency exchange. HashKey Capital is a renowned blockchain investment firm based in Hong Kong. KuCoin Ventures is the investment arm of KuCoin, another major cryptocurrency exchange. Comma3 Ventures is a venture capital firm focused on early-stage technology companies. Kronos Ventures is a blockchain-focused venture capital firm. Kernel Ventures is a leading blockchain investment fund. Polygon co-founder Sandeep Nailwal is an active investor in blockchain and cryptocurrency projects.

Disclaimer

This article is for informational purposes only and should not be construed as investment or financial advice. The Block is an independent media outlet providing news, research, and data on the blockchain and cryptocurrency industry. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space, including Bitget, an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful, and current information about the crypto industry.