U.S. Army blockchain solutions provider raises $25 million
Startup SIMBA Chain has closed a $25 million funding round led by venture capital firm Valley Capital Partners. It was announced in a press release.
It was joined by Notre Dame Pit Road Fund, Elevate Ventures, Stanford Law School Venture Fund, and a number of private investors.
According to the statement, SIMBA Chain, based at the University of Notre Dame (Illinois, USA), offers "a simple, fast and energy-efficient way to deploy blockchain applications in a secure and comprehensive environment."
The startup's technology allows it to automatically generate families of APIs that support private and public DLT networks, without the need for third-party technical specialists.
According to CEO and co-founder Joel Neidig, SIMBA Chain's technology is currently being used by U.S. Army agencies as well as Boeing and other corporate customers.
Demand for our smart contracting platform has increased much faster than we expected. Users have embraced and endorsed the SIMBA Chain model, which simplifies the development of smart contracts. The market has also responded positively to our support of several blockchains, including Ethereum, Avalanche, RSK, Stellar and others, Neidig said.
With the funding raised, the company expects to scale sales, marketing and development. The startup also plans to devote resources to new lines of business, such as non-interchangeable tokens (NFT).