2024

April

Polygon

Lumoz, a scaling infrastructure project, formerly known as Opside, managed to raise $6 million in pre-series, valuing the company at an impressive $120 million.. The new $2.1M funding for this round consists of OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, and Kernel Ventures, together with the co-founder of Polygon, Sandeep Nailwal.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4f0.png" alt="📰" class="wp-smiley" style="height: 1em; max-height: 1em;"> Just IN: Zero-knowledge roll-up solution Lumoz (formerly Opside) secures $6 million in Series A investment round; Participants include OKX Ventures, Hashiki Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, and Kemel Ventures; Valuation reaches $120 million <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4bc.png" alt="💼" class="wp-smiley" style="height: 1em; max-height: 1em;">…— BitcoinWorld Media (@ItsBitcoinWorld) <a href="https://twitter.com/ItsBitcoinWorld/status/1777381582011257287?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">April 8, 2024</a>
 </blockquote>
 </div>
</figure>
The company, based in Hong Kong and established in March 2022, focuses on offering a platform for zk-rollup technology called ZK-RaaS. Lumoz’s objective is to assist developers in launching their applications. Lumoz aims to streamline the process of deploying scalable blockchain solutions, ensuring enhanced efficiency and reduced costs.
Recently rebranded from Opside to Lumoz in October, the project aims to address misconceptions surrounding its focus on rollups. Lumoz emphasizes its dedication to zk-rollups, offering a modular compute layer to support developers in managing the substantial computing costs associated with zero-knowledge proof (ZKP) computation for zk-rollups.
Lumoz identifies AltLayer as one of its closest competitors, both operating as RaaS platforms facilitating the development of application-specific rollups. However, Lumoz distinguishes itself by its compatibility with various types of zk-rollups, including Polygon CDK, zkSync, Scroll, and StarkNet.
Lumoz plans to expand its team and enhance its infrastructure, particularly focusing on engineering and business development functions. Furthermore, the company aims to launch the mainnet of its compute layer in July and initiate a token generation event in August.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/04/08/blockchain-networks-can-open-new-doors-to-crypto-markets/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">How new Blockchain Networks can open new doors to Crypto Markets</a>&nbsp;
</blockquote>

Lumoz Raises $6M for ZK-RaaS Platform Expansion

The Crypto Times

Other articles published on Apr 9, 2024

Monad Labs Secures $225M Investment to Propel Blockchain Growth

Binance Futures Announces It Will Launch Two New Altcoin Contracts!

Congressman advocates for US leadership in Bitcoin innovation

BitMEX Co-Founder Ben Delo to face class-action lawsuit, judge rules

El Salvador Offers Free Passports to Boost Bitcoin Economy

Bitcoin Shorts Get Burned Amid $72K Surge, Liquidations Top $170M

Join our free newsletter for daily crypto updates!