SIMBA Chain, a cloud-based smart-contract-as-a-service (SCaaS) company that helps eliminate the complications of blockchain app development, has raised $25 million in Series A Funding. The funding was headed by Valley Capital Partners and additional partnerships from various well-known companies like Amazon, Facebook, Apple, Microsoft, Notre Dame Pit, Stanford University, and more.
SIMBA Chain was established in 2017 as a grant awarded to Indiana Technology and Manufacturing Companies (ITAMCO) and the University of Notre Dame by the Defense Advanced Research Projects Agency (DARPA). The grant was given to develop a secure, simple, and energy-efficient messaging and transaction platform for the United States military.
The startup advanced further generating a robust family of blockchain APIs that allow the clients to launch blockchain apps easily without hiring consultants or tech experts.
The blockchain startup has recognized itself as an expert in blockchain app development by simplifying the complex blockchain technology and making it accessible to all to leverage the advantages.
Due to the intellectual depth and hard work of the SIMBA Chain team, the startup was able to establish impressive beachheads in the defense and enterprise markets. This is rare to see in evolving frontier technologies like blockchain.
“This is one of the more exciting blockchain companies I’ve seen in a while,” observed Joseph Grundfest, a Stanford Law School professor, former commissioner of the Securities and Exchange Commission and member of Stanford’s Center for Blockchain Research. “SIMBA Chain solves a very big problem: most companies don’t know how to adopt or manage blockchain technology. SIMBA Chain makes that easy and cheap, so it’s a bit like Stripe for the blockchain. Also, by writing on energy-efficient blockchains, SIMBA Chain’s ‘green solution’ responds to concerns that some blockchains contribute to global warming.”
With the $25 million funding, the company intends to increase sales, marketing, and development. Also, they want to dedicate capital for rising enterprise-level opportunities like non-fungible tokens.
SIMBA Chain is laser-focused on releasing the potential of blockchain for government, education, and enterprise. Over the past year-and-a-half, the startup has achieved a lot of milestones:
- Revenue growth by 360%
- Closed various paid programs with fortune 500 companies to develop secure blockchain solutions
- Developed a digital marketplace for a university using non-fungible tokens
- Exceeded 6000 users
SIMBA Chain is happy with what they have achieved so far. And with the new investment, they look forward to work on more decentralized applications.