Blockchain scaling infra provider Lumoz raises token round at $120 million valuation

Quick Take

  • Lumoz (formerly Opside) has raised $6 million at a $120 million token valuation.
  • Lumoz plans to launch its token in August, co-founder Jeffrey Yang told The Block.

Lumoz (formerly Opside), a blockchain scaling infrastructure project that helps developers launch zk-rollups, has raised a pre-Series A funding round at a $120 million valuation.

Investors in the round included OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, Kernel Ventures and Polygon co-founder Sandeep Nailwal, Lumoz said Monday. The funding round was sized at $6 million, a source with direct knowledge of the matter told The Block. A HashKey Capital spokesperson confirmed the firm's participation in the round.

Lumoz began raising for the round this February and closed in March, co-founder Jeffrey Yang told The Block. It was structured as a simple agreement for future tokens (SAFT) round, Yang said, adding that $120 million is a fully diluted token valuation.

Lumoz's pre-Series A round comes a year after it raised $4 million in a seed funding round in April 2023, then known as Opside. Yang said rebranding to Lumoz happened last October because the project was misunderstood as working on optimistic rollups when it was helping build zk-rollups.

What is Lumoz?

Founded in March 2022, Hong Kong-based Lumoz is broadly a blockchain scaling infrastructure provider. Specifically, it is a zk-rollup as a service (ZK-RaaS) platform that helps developers launch their own application-specific zk-rollups "with a single click."

"We help others build zk-rollups and also provide the underlying modular compute layer," Yang said. "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."