Simba Chain, a blockchain firm based in the US that supplies technology to a number of US defence agencies, has secured more capital through funding to help it take advantage of the nonfungible tokens (NFTs) space.
According to an official release, 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 many departments inside the company and devote efforts to innovative technologies like as NFTs.
The company is to be the go-to IT company for businesses, universities, and others looking to monetize digital and physical assets.
Simba Chain, a firm founded 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, utilise the company’s technologies, according to the corporation. Simba’s revenue has increased by 360 percent in the last 18 months, and the number of users has topped 6,000.
Simba Chain CEO and co-founder Joel Neidig remarked, “Users across many spectrums have embraced and verified the SIMBA Chain paradigm, which facilitates the implementation of smart contracts.”
“The market has also reacted well to our support of many blockchains, including Ethereum, Avalanche, RSK, Stellar, and many others, which makes SIMBA Chain-based applications simple, extremely portable, and long-lasting.”
Simba Chain gained notoriety after the US Air Force chose the company to create a blockchain-based supply chain for the organization in 2019. Six months later, a U.S. Navy research division in California paid Simba Chain $9.5 million to construct a secure blockchain communications network for the Department of Defense (DoD).
The US Department of Defense has awarded the business another contract, this time to construct a proof-of-concept for a blockchain-based data management system.
With their use of blockchain to establish a secure network for a virtual battle, Simba Chain won the Advanced Manufacturing Olympics, run 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 rebuild the US military’s supply chain with a blockchain-based solution to enable demand sensing for essential military armament parts.
