Cloud-based blockchain platform SIMBA Chain raises $25M in Series A funding
SIMBA Chain, a platform to develop and deploy decentralized applications (dApps) across many blockchains, announced today it raised $25 million in a Series A round led by Valley Capital Partners.
A startup incubated at the University of Notre Dame, SIMBA Chain offers a simple, time and energy-efficient method for deploying blockchain technology in the most secure and complex environments.
Its state-of-the-art technology autogenerates a robust family of APIs that support permissioned and public blockchains, allowing customers to launch blockchain applications without hiring costly consultants or consuming valuable tech expertise.
And, because SIMBA Chain allows users to select from a wide range of blockchain technologies, with portability across these chains, the company provides a level of flexibility and customization that traditional blockchain approaches cannot support.
SIMBA Chain’s technology is currently used by the U.S. Airforce, Army, Navy, and Marines, as well as Boeing and a host of customers across a wide range of commercial applications.
“Demand for our Web3 smart contracts platform has accelerated across all of our markets quicker than we anticipated. Users across multiple spectrums have embraced and validated the SIMBA Chain model, which simplifies the development of smart contracts. The market has also responded positively to our support of multiple blockchains, including Ethereum, Avalanche, RSK, Stellar, and others, making SIMBA Chain-based apps highly portable and sustainable.”
– Joel Neidig, SIMBA Chain CEO & Co-Founder
With the additional funding, SIMBA Chain plans to scale sales, marketing, and development, and to dedicate resources to emerging enterprise-level opportunities such as non-fungible tokens.
The SIMBA Chain team expects businesses, academic institutions, and others will use its software to manage and monetize digital and physical assets and for business models that don’t exist today.
Over the last 18 months, SIMBA Chain has achieved the following milestones:
- Grown revenue by 360%.
- Closed paid programs with the U.S. Air Force, U.S. Army, U.S. Navy, and U.S. Marine Corp to develop secure blockchain-based solutions critical to U.S. national security and warfighter effectiveness.
- Secured contracts with more than 30 institutions of higher learning in the United States, United Kingdom, and Australia that is using the SIMBA Chain platform in their schools of business and law.
- Surpassed 6,000 users.
- Developed a digital marketplace using non-fungible tokens for a major university.
Series A participation also included the Notre Dame Pit Road Fund, Elevate Ventures, Stanford Law School Venture Fund, and individuals affiliated with Kohlberg, Kravis & Roberts (KKR), Amazon, Apple, Facebook, SpaceX, Gap, Estee Lauder, AppLovin, Microsoft, Moelis & Company, Stanford University, the Golden State Warriors, the founders of Lightspeed Venture Partners, New Enterprise Associates, and other individuals.
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Text source: CryptoNinjas
