This is one of the best logos I've seen in a while. It's very simplistic, but incorporates the clever clock hands to depict the Y. Also a great brand name. I love visual 'tricks'. Only clever, simple ones, though.
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There is consistent proximity throughout the logotype. The negative space forming the "N" makes sense with the name because looking at the logotype engages the audience when locating the "N". I also think the logotype font works well bold.
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