Funding of $6M in token sale secured by Lumoz for their zk-Rollup Service Platform
Lumoz, a trailblazing blockchain company, has announced a successful $6 million pre-Series A round, marking a significant milestone in its mission to revolutionise the web3 landscape. The fundraising was backed by notable investors such as OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, Kernel Ventures, and an angel investor, Polygon co-founder Sandeep Nailwal.
The fresh capital will be primarily used to expand Lumoz's team, with a focus on bolstering engineering and business development functions. The company is gearing up for its mainnet launch, scheduled for July, and its planned token launch in August.
Lumoz is building a zero-knowledge Rollup-as-a-Service (zk-RaaS) platform, designed to allow blockchains to enable zk-proof-based scaling for web3 applications. The platform aims to bridge the gap in computing costs associated with ZKP computation for ZK-rollups, a breakthrough that could potentially lower costs and boost scalability for numerous web3 projects.
The latest fundraising round was executed via a simple agreement for future equity (SAFE) with token warrants, and the company was valued at $120 million. Lumoz's platform is compatible with popular platforms such as Polygon CDK, zkSync, Scroll, and Starknet.
In April 2023, Lumoz had previously raised $4 million in a seed fundraising round. Notable projects already onboarded by Lumoz include ZKFair and Merlin Chain. The company's upcoming mainnet launch in July is set to solidify its position as a key player in the rapidly evolving blockchain industry.
