The United States-based blockchain startup Simba Chain, which provides technology for several U.S. defense organizations, raised fresh funds to scale the business and tap new opportunities like nonfungible tokens (NFTs).
The $25 million Series A funding round was led by Valley Capital Partners with the participation of Notre Dame Pit Road Fund, Elevate Ventures and Stanford Law School Venture Fund, according to an official announcement.
Simba Chain would use the new funding to scale several departments within the company and to dedicate resources to emerging trends like NFTs. The company aims to be the tech provider for business enterprises, academic institutions and others who want to monetize digital and physical assets.
As a startup incubated at the University of Notre Dame, Simba Chain offers a cloud-based smart contract platform with enterprise-level security for organizations that wants to deploy blockchain technology.
The company says that its technology is currently used by the U.S. Air Force, Army, Navy and Marines as well as