Quick take:
- The fundraising comes just months ahead of Lumoz’s planned token launch in August.
- The fundraising attracted participation from OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, and Kernel Ventures.
- Lumoz’s platform has already onboarded layer 2 projects ZKFair and Merlin Chain to enable zk-proof-based scaling for dApps.
Lumoz has announced a $6 million pre-Series A round backed by OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, and Kernel Ventures. Polygon co-founder Sandeep Nailwal also joined the round as an angel investor.
Lumoz previously known as (Opside) raised $4 million in a seed fundraising announced in April 2023, with Web3.com Ventures leading the round.
The latest round was executed via a simple agreement for future equity (SAFE) with token warrants and valuing the company at $120 million, the company said on Monday.
Lumoz is building a zero-knowledge Rollup-as-a-Service (zk-RaaS) platform that allows blockchains to enable zk-proof-based scaling for web3 applications. The company has already onboarded layer-2 projects ZKFair and Bitcoin-based Merlin Chain, demonstrating its ability to support all layer-1 blockchains for scaling, Lumoz co-founder Jeffrey Yang told The Block.
The platform is also compatible with some of the leading zk-proof-based scaling solutions including the Polygon CDK, zkSync, Scroll and Starknet, Yang added.
According to Yang, his company focuses on helping other blockchain companies build zk-rollups whilst also providing the underlying modular compute layer
“There are substantial computing costs associated with zero-knowledge proof (ZKP) computation for ZK-rollups, which often surpass data availability (DA) costs, and Lumoz’s modular compute layer aims to bridge this gap by offering modular computing support,” Yang said.
This fundraising comes just months ahead of Lumoz’s planned token launch in August. The company plans to use the fresh capital to expand its team with more engineering and business development functions the priority.
The company is also targeting July this year for its mainnet launch.
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