Simba Chain, a US-based blockchain startup company that provides technology to a number of US defense organizations, has raised new funds to expand its business scale and tap new opportunities such as non-fungible tokens (NFT).
The $25 million Series A financing is Lead According to the official announcement, Valley Capital Partners is participated by Notre Dame Pit Road Fund, Elevate Ventures and Stanford University Law School Venture Fund.
Simba Chain will use the new funds to expand multiple departments within the company and dedicate resources to emerging trends such as NFT. The company aims to become commercial enterprises, academic institutions, and other technology providers that want to monetize digital and physical assets.
As a startup company incubated at the University of Notre Dame, Simba Chain provides a cloud-based smart contract platform with enterprise-level security for organizations wishing to deploy blockchain technology.
The company said its technology is currently used by the U.S. Air Force, Army, Navy and Marine Corps, and Boeing. Simba’s revenue has increased by 360% in the past 18 months, and the number of users has exceeded 6,000.
Joel Neidig, CEO and co-founder of Simba Chain, said: “Users across multiple spectrums have accepted and verified the SIMBA Chain model, which simplifies the development of smart contracts.” The support of the company has responded positively, including Ethereum, Avalanche, RSK, Stellar, etc., which makes SIMBA Chain-based applications simple, highly portable and sustainable.”
Simba Chain was selected by the U.S. Air Force in 2019 to provide Organization’s blockchain-based supply chainSix months later, the US Naval Research Group in California paid Simba Chain US$9.5 million to develop a Secure messaging platform on the blockchain For the Department of Defense (DoD).
Company score Another contract from the U.S. Department of Defense, This time is to develop a proof of concept for a blockchain-based data management system.Last year, Simba Chain Win the Advanced Manufacturing OlympicsOrganized by the Ministry of National Defense, blockchain is used to provide a secure network for virtual wargames.
Earlier this year, Simba Chain received a $1.5 million grant from the U.S. Naval Research Office for Transforming the U.S. military’s supply chain Use blockchain-based solutions to realize the demand perception of key military weapon components.