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SIMBA Chain Raises $25M to Boost Sales and Marketing Staff, Expand Into NFTs

The blockchain firm already has multiple U.S. military contracts.

Sep 2, 2021 at 1:17 p.m. UTC
Updated Sep 2, 2021 at 2:05 p.m. UTC

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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Tanzeel Akhtar is a CoinDesk news reporter based in Europe.

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