Lumoz Secures $6M Funding Round for Zk-RaaS Platform

Lumoz Secures recent funding round, where several prominent venture capital firms, including Comma3 & KuCoin Ventures, contributed $6 million.

Comma3 Ventures, OKX Ventures, Kronos Ventures, Kernel Ventures, KuCoin Ventures, HashKey Capital, and OKX Ventures all contributed $6 million to Lumoz’s pre-Series A investment. Sandeep Nailwal, co-founder of Polygon, was an additional angel investor in the round.

Lumoz, formerly known as Opside, launched a seed fundraising round in April 2023 and raised $4 million, with Web3.com Ventures as the primary investor.

The company announced on Monday that a SAFE with token warrants had funded the most recent round, raising $120 million.

To facilitate blockchain-enabled, zk-proof-based scalability for web3 applications, Lumoz is developing a zero-knowledge rollup-as-a-service (zk-RaaS) platform. According to Lumoz co-founder Jeffrey Yang, who spoke with The Block, the business has shown that it can suppor7t all layer-1 blockchains for scaling by onboarding layer-2 projects like ZKFair and the Bitcoin-based Merlin Chain.

Yang further mentioned that the platform is compatible with a number of prominent zk-proof-based scaling solutions, such as the Polygon CDK, zkSync, Scroll, and Starknet.

In addition to supplying the foundational modular computing layer, Yang claims that his company’s primary goal is to assist other blockchain companies in building zk-rollups.

Zero-knowledge proof (ZKP) calculation processing costs for ZK-rollups are high and often exceed data availability (DA) costs. Lumoz’s modular compute layer provides support for modular computing in an effort to close this gap, according to Yang.

Just a few months before Lumoz’s anticipated token launch in August, this fundraising is taking place. The new funding will go toward staff expansion, particularly in the areas of engineering and business development.

Additionally, the corporation has scheduled the mainnet launch for July of this year.