What do non-fungible tokens (NFT) and the defense sector have in common? The startup Simba Chain! This young company born in the state of Indiana is rarely talked about, despite its monumental track record. Indeed, in only 3 years of existence, the company is already negotiating contracts with the entire US armed forces. After winning over the hearts and funds of the military, Simba Chain is now reaching out to the private sector.
Simba Chain, the favorite startup of the US Defense
Founded in 2017, Simba Chain is a bit of a special company. Indeed, its creation was the result of a collaboration between the Defense Advanced Research Projects Agency (DARPA) and the University of Notre Dame in Indiana. DARPA awarded a grant to the university to develop a secure messaging and transaction platform for the U.S. military.
Following a successful fundraiser in 2019, the company was selected to provide security for the US Air Force’s logistics systems. As a result, Simba Chain has become one of the first companies to provide blockchain services to the US military.
In 2020, Simba Chain won a $9.5 million contract from the US Navy. The purpose of the contract was to develop, deploy and maintain a secure blockchain-based messaging system. The system, which runs on Microsoft Azure, will facilitate information sharing between the Navy and its air forces. The contract specification includes secure messaging, supply chain management and financial transactions.
Simba Chain offers its services to the US Armed Forces
Finally, Simba Chain has also designed a system to secure sensitive data for the Department of Defense. Specifically, the contract covers the secure integration and auditability of over 4.5 million documents related to the Department of Defense’s research and development activities.
After several years in the defense sector, Simba is now looking to expand its horizons and dabble in NFT.
$25 million to create secret NFTs?
On September 1, Simba Chain announced the closing of a $25 million Series A round. Valley Capital Partners led the round, with participation from the Stanford Law School Venture Fund, Amazon, Apple, Facebook, SpaceX and Microsoft.
Simba Chain is a particularly promising company. Indeed, the latter is capable of deploying secure and complex blockchain solutions, which seems to attract prestigious investors.
With this additional funding, Simba Chain plans to increase its sales, marketing and development staff. More importantly, it plans to dedicate resources to emerging enterprise-level opportunities such as NFTs. Simba Chain believes that companies will use its products to manage and monetize digital and physical assets, as well as to create new business models.
“This is one of the most fascinating blockchain companies I’ve seen in a while […] Simba Chain solves a major problem: most companies don’t know how to adopt or manage blockchain technology. Simba Chain makes it easy and cheap to do so. It’s kind of like Stripe for blockchain.”Joseph Grundfest, Stanford Law School professor and former SEC commissioner
Over the past 18 months, Simba Chain has risen through the ranks, winning contracts with various divisions of the US Army. This windfall of high-profile customers has allowed it to increase its revenue by 360%. At the same time, the company also has partnerships with 30 higher education institutions in the U.S., U.K. and Australia. Simba Chain’s platform now has over 6,000 users worldwide.