• Simba Chain, a US defense contractor, has raised $25 million to support NFT efforts

  • Simba Chain, a blockchain startup based in the United States that provides technology to a number of US defense organizations, has raised new funds to help it scale and take advantage of new opportunities such as nonfungible tokens (NFTs).

    According to an official announcement, Valley Capital Partners led the $25 million Series A funding round, which included Notre Dame Pit Road Fund, Elevate Ventures, and Stanford Law School Venture Fund.

    Simba Chain plans to use the new funds to expand several departments within the company and devote resources to new technologies such as NFTs. The company aspires to be the go-to tech company for businesses, universities, and others looking to monetize digital and physical assets.

    Simba Chain, a startup based at Notre Dame, provides a cloud-based smart contract platform with enterprise-level security for businesses looking to implement blockchain technology.

    The US Air Force, Army, Navy, and Marines, as well as Boeing, use the company’s technology, according to the company. Simba’s revenue has increased by 360 percent in the last 18 months, and the number of users has surpassed 6,000.

    Simba Chain CEO and co-founder Joel Neidig said, “Users across multiple spectrums have embraced and validated the SIMBA Chain model, which simplifies the development of smart contracts.” “The market has also reacted favorably to our support of multiple blockchains, including Ethereum, Avalanche, RSK, Stellar, and many others, which makes SIMBA Chain-based applications simple, highly portable, and long-lasting.”

    Simba Chain gained notoriety after the US Air Force chose the company to provide a blockchain-based supply chain for the organization in 2019. Six months later, a U.S. Navy research group in California paid Simba Chain $9.5 million to develop a secure blockchain messaging platform for the Department of Defense (DoD).

    The US Department of Defense has awarded the company another contract, this time to develop a proof-of-concept for a blockchain-based data management system. With its use of blockchain to provide a secure network for a virtual wargame, Simba Chain won the Advanced Manufacturing Olympics, organized by the Department of Defense, last year.

    Simba Chain was awarded a $1.5 million grant by the US Office of Naval Research earlier this year to revamp the US military’s supply chain with a blockchain-based solution to enable demand sensing for critical military weaponry parts.

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