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Lumoz Yields $6 Million Funds and Closes Its Series B Round, at a Valuation of $120 Million

In this post:

  • Lumoz (formerly Opside) successfully raises $6 million in a Series A pre-funding round, backed by notable investors including OKX Ventures and Polygon’s co-founder.
  • Focused on zk-rollup technology, Lumoz introduces a zk-rollup as a service (ZK-RaaS) platform to lower the entry barrier for developers, with plans to expand its team and services ahead of a mainnet launch.

Carefully balancing the act of elevating the scalability profile of the blockchain chain enterprise is Lumoz (the ex-Opside), with an intriguing Series A pre-funding round which bagged it a mind-blowing $6 million valuation and an environmental value of an ultramodern enterprise. Being one of the projects listed by the Innovation Fund of the European Union, this milestone will open a new phase for approval of the Lumoz token in August which is going to lead to the next growth and innovation stages in Europe at blockchain infrastructures.

An unexplored direction in the blockchain scalability is needed

Lumoz which was Opside in the commencing stages of its voyage, the journey which has witnessed the company take the gallant task head-on about the blockchain problem of scalability has been a successful one. The latest round are those investors taking part from a joint group with OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, Kernel Ventures, and co-founder of Polygon named Sandeep Nailwal. This community-supported affirmation drives conviction that Lumoz’s vision is a road-map for the industry and, most important, a matter of existence for the etching of zk-rollups into the system of blockchain to scale networks effectively.

Selecting move to Lumoz tactically brought us one step closer to expressing our vision of a zk rollup, which does not imply the separate development of another solution. This rebranding and a successful funding round backed by the likes of Okx Ventures, Kucoin, and also the co founder of Polygon are the result of Lumoz’s ongoing quest to serve its goal of easing the use and scalability of blockchain making it better, safer, and more scalable to fill in the demand for the adequate, safe, and scalable blockchain infrastructures.

Moving to a strategic vision and expansion of Lumoz 

At the center of the strategy is its zk-rollup as a service (ZK-RaaS) platform in which developers can effortlessly launch their application-specific zk-rollups effectively Such innovative service that is offered simplifies the extremely complicated launching of zk-rollups, arriving at a decent, one-click solution that causes a significant drop in entry barrier for the developers that wish to use this technology. The proof that it is possible is the fact that Lumoz’s modular layer is being already supported by various projects like ZKFair and Merlin Chain to explore the full potential of the platform. This could be granted as an evidence that Lumoz’s capabilities are not exclusively for Ethereum.

The fresh cash inflow will enhance Lumoz’s growth rate, creating work-space for new hires in some engineering and marketing and business development roles. It is imperative that Lumoz grows its compute layer service amidst the continual progress with mainnet launch in July, which is a notable milestone that will not only guarantee Lumoz’s availability in the infrastructure space, but also enhance its services as awaiting users in the blockchain space.

Towards a tokenized future

The Lumoz token launch which is scheduled for August this August comes mostly anticipated after the spring is over with the Points Program that was in place for the last month. As this program allows points being spent on the future tokens, it can be seen as a project which leads to Lumoz world where users will have fully tokenized ecosystem therefore creating a more sensible platform. Only financial event proves that Lumoz also intends to work strategically to reach target audience, which will bring more people to know about zk-rollup and use them for their own affairs.

Conclusion

Lumoz’s recent success at its fundraising and ambitious plans of growth and tokenization carries huge message in the market to develop efficient and application-oriented blockchain technologies. Having in mind the company’s development, and its aspiration for innovation and business expansion, we can say with confidence that the company is ready to take a pivotal position in the blockchain ecosystem by necessarily providing the tools and resources the developers need for the next generation of the blockchain applications.

Note: This information has been sourced directly from a Medium post by OKX Ventures.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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