Blockchain Firm SIMBA Chain Raises $1.5M USD In Seed Fundingbr>
Blockchain firm SIMBA Chain has closed a $1.5 million seed financing round with Notre Dame’s Pit Road Fund, Elevate Ventures, First Source Capital, and individual angel investors.
SIMBA Chain is a wholly owned entity of Indiana Technology and Manufacturing Companies (ITAMCO). It was formed from a grant awarded by the Defense Advanced Research Projects Agency (DARPA) to ITAMCO in order to develop a secure, unhackable messaging and transaction platform for the US military. The company’s cloud-based, smart-contract-as-a-service (SCaaS) platform enables users, developers, government, and enterprises to quickly develop and deploy blockchain dApps for iOS, Android, and the web.
SIMBA Chain will use the latest funding to hire additional sales and development personnel to accelerate market rollout and support initial execution of a number of major government contracts, including one with the US Air Force to secure its supply chain on battlefields and at home.
Joel Neidig, co-founder and CEO of SIMBA Chain, said that the SIMBA Chain platform was created so government and corporate entities can address the growing global threat to IT security posed by international ‘bad actors’ as well as individual hackers using blockchain.
“Our platform makes it simple for people with varying skillsets to quickly deploy dapps by auto-generating custom API that is not dependent on a single blockchain or distributed ledger technology,” Neidig said. “SIMBA Chain’s democratization of blockchain enables more organizations to eliminate the vulnerability of a single point of failure inherent in current IT enterprises by creating an immutable repository where once data is stored, it can’t be tampered with, changed or deleted. In 2019, we made some strategic hires and participated in key industry events like Microsoft’s Inspire conference that launched SIMBA Chain to Microsoft’s dealer base and Disrupt Berlin, where we were a TechCrunch Top Pick. Now it’s time to grow!”
As part of the funding round, Bryan Ritchie will join SIMBA Chains board of directors. Ritchie is a vice president and the Cathy and John Martin Associate Provost for Innovation at Notre Dame. He also leads the IDEA Center, the University’s hub for innovation and commercialization.
“The technology underpinning SIMBA Chain was developed at Notre Dame and the company itself was founded by community partners and faculty,” said Ritchie. “I am particularly honored to serve on SIMBA Chain’s board of directors and help shepherd the company to commercial success, but equally important, have a role in transforming how data is stored, shared, and secured around the globe.”