Logos Networks Funding Round
Payments Platform Logos Network Raises $3 Million in Seed Funding
Dublin, Ireland, August 2, 2018 — Logos Network, a hyper-scalable decentralized payments platform focused on providing high volume, high speed transactions at low cost, announced today that it has raised a $3 million seed round investment from leading venture capital firms and angel investors through its Logos US Fund.
Participating in the round are: ZhenFund, Digital Currency Group, Inc. (DCG), INBlockchain, and Blockwater Capital. Other notable investors include Global Blockchain Innovative Capital (GBIC) and AlphaBlock Capital.
This new funding will enable the ongoing development of the company’s groundbreaking Logos platform, designed to surpass other blockchain models that lack either the capacity, speed, or security to power digital payments at scale. In addition, the Logos platform delivers a scalable, low-latency decentralized payment processing engine that cannot be matched by legacy payments rails.
“This funding is an important validation of our technical vision for Logos Network,” said Michael Zochowski, founder of Logos Network. “If we are going to truly realize the disruptive potential of distributed ledger in payment applications, we need to remove the hurdles to adoption — namely speed, volume, cost, and security. The Logos Network platform provides an elegant and secure solution to enable organizations and communities to scale transactions to unprecedented volumes.”
“We’re excited to work with Michael and the team to accelerate the future of secure, frictionless transactions that can be used in a number of exciting applications,” said Travis Scher, VP Investments at Digital Currency Group.
The launch team is made up of seasoned professionals including COO/CFO Doug Wallace and Head of Engineering Carl Hua. The software deployment team is noteworthy for its expertise in high performance, high reliability sectors, particularly Aerospace and FinTech, and research experience in cryptography and decentralized networks.
About Logos Network
Founded in 2017, Logos Network is a distributed ledger-based payment rail designed for massive throughput and ultra-low latency, enabling fast, cheap, and secure transactions on a global scale. The Logos technology will be deployed in a variety of applications, from IoT micropayments to point-of-sale, where it can significantly reduce costs and frictions compared to conventional rails. Logos is based in Ireland and developed by Promethean Labs, a blockchain consulting company.
More on the team: Michael Zochowski is the founder and CEO. Involved in cryptocurrency since 2013, he has extensive experience investing in and contributing to the crypto ecosystem. Before launching Logos Network, Michael worked at Ellington Management Group, a multi-billion dollar hedge fund, in portfolio management and quant research roles. Michael graduated from Harvard University with a B.A. in Statistics and M.S. in Applied Mathematics, where he was a multi-year John Harvard Scholar. Doug Wallace, COO/CFO, has extensive experience building companies across multiple technology categories and has raised over $200 million in venture capital. Carl Hua, Head of Engineering, came to Logos Network from NASA JPL and Northrop Grumman, where he led teams developing safety critical flight software.