Blockchain-as-a-service firm SIMBA Chain has closed a $25 million Series A funding round led by Valley Capital Partners, the firm announced Thursday.
- Indiana-based SIMBA Chain said it will use the money to expand its sales and marketing departments, as well as to “dedicate resources to emerging enterprise-level opportunities such as non-fungible tokens.”
- Other participating investors included the Notre Dame Pit Road Fund, Elevate Ventures, Stanford Law School Venture Fund, the founders of Lightspeed Venture Partners and New Enterprise Associates.
- In January, SIMBA Chain announced it had been awarded a $1.5 million contract from the U.S. Office of Navy Research to build a blockchain system to help ensure a ready supply of weapons.
- SIMBA’s technology is used by the U.S. Air Force, Army, Navy and Marines, as well as by Boeing and other businesses, for a wide range of commercial applications.
- The company said it expects academic institutions and more businesses to use its software to manage their digital and physical assets.
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