US-based blockchain startup Simba Chain, which provides technology to several US defence organisations, has raised new funding to scale its business and tap into new opportunities such as non-fungible tokens (NFTs).
The $25 million Series A round was led by Valley Capital Partners with participation from Notre Dame Pit Road Fund, Elevate Ventures and Stanford Law School Venture Fund, according to an official announcement.
Simba Chain will use the new funding to scale several divisions within the company and dedicate resources to emerging trends such as NFTs. The company aims to become a technology provider for commercial enterprises, academic institutions and others who want to monetize digital and physical assets.
A startup incubated at the University of Notre Dame, Simba Chain offers a cloud-based smart contract platform with enterprise-grade security for organizations that want to deploy blockchain technology.
The company says its technology is currently being used by the U.S. Air Force, Army, Navy and Marine Corps, as well as Boeing. In the past 18 months, Simba has grown revenue by 360 percent and surpassed 6,000 users.
“Users across multiple sectors have embraced and validated the SIMBA Chain model, which simplifies the development of smart contracts,” said Joel Neidig, CEO and co-founder of Simba Chain.” The market has also responded positively to our support for multiple blockchains, including Ether, Avalanche, RSK, Stellar and many others, making SIMBA Chain-based applications simple, highly portable and sustainable.”
Simba Chain first gained attention when the startup was selected by the U.S. Air Force in 2019 to provide a blockchain-based supply chain for the organization. Six months later, a California-based U.S. Navy research team paid Simba Chain $9.5 million to develop a secure information platform on the blockchain for the Department of Defense (DoD).
The company received another contract from the DoD, this time to develop a proof of concept for a blockchain-based data management system. Last year, Simba Chain used blockchain to provide a secure network for virtual war games, winning the Advanced Manufacturing Olympics, organized by the DoD.
Earlier this year, Simba Chain received a $1.5 million grant from the U.S. Office of Naval Research to transform the U.S. military’s supply chain with a blockchain-based solution to enable demand sensing for critical military weaponry components.