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.
This is a clever logo which uses negative space to give dimension to the letters. The H is hard to see at first and forces the observer to look at it for a while until it appears. The use of shadows and tone makes it look professional