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Simba Chain will be able to devote resources to emerging trends in the blockchain space thanks to a $25 million fundraising round headed by Valley Capital Partners.
Simba Chain, a blockchain firm based in the United States that supplies technology to multiple U.S. defence agencies, has secured further financing to scale the business and explore new options such as nonfungible tokens (NFTs).
The $25 million Series A funding round was led by Valley Capital Partners with the participation of Notre Dame Pit Road Fund, Elevate Ventures and Stanford Law School Venture Fund, according to an official announcement.
The new money will be used by Simba Chain to scale numerous departments inside the company and to devote resources to upcoming trends such as NFTs. The company aspires to be a technology provider for businesses, academic institutions, and anyone looking to monetise digital and physical assets.
Simba Chain, a firm incubated at the University of Notre Dame, provides a cloud-based smart contract platform with enterprise-level security for organisations looking to implement blockchain technology.
According to the firm, their technology is being employed by the United States Air Force, Army, Navy, and Marines, as well as Boeing. Over the last 18 months, Simba’s revenue has increased by 360 percent, and the number of users has topped 6,000.
“Users across multiple spectrums have embraced and validated the SIMBA Chain model, which simplifies the development of smart contracts,” said Simba Chain CEO and co-founder Joel Neidig. “The market has also responded positively to our support of multiple blockchains, including Ethereum, Avalanche, RSK, Stellar, and many others, making SIMBA Chain-based applications simple, highly portable and sustainable.”
Simba Chain originally gained attention when it was selected by the United States Air Force in 2019 to deliver a blockchain-based supply chain. Six months later, a U.S. Navy research organisation based in California paid Simba Chain $9.5 million to develop a blockchain-based secure communications platform for the Department of Defense (DoD).
The startup was awarded another contract by the US Department of Defense, this time to create a proof-of-concept for a blockchain-based data management system. Simba Chain won the DoD’s Advanced Manufacturing Olympics last year for their use of blockchain to establish a secure network for a virtual battle.
Simba Chain got a $1.5 million award from the United States Office of Navy Research earlier this year to rebuild the United States military’s supply chain with a blockchain-based system to enable demand sensing for essential military armament parts.