Plymouth-based SIMBA Chain, a cloud-based, smart-contract-as-a-service platform has officially closed a $1.5 million seed financing round. The company says the funding will be used to hire additional sales and development employees to boost a market roll out.
The funding will also support the fulfillment of major government contracts, including one with the U.S. Air Force to secure its supply chain on battlefields.
As part of the funding round, Notre Dame Vice President and the Cathy and John Martin Associate Provost for Innovation Bryan Ritchie will be joining the SIMBA Chain board of directors.
SIMBA Chain Chief Executive Officer Joel Neidig says the company was started to help entities be aware of and combat global security risks.
“SIMBA Chain 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.”
The funding comes from Notre Dame’s Pit Road Fund, Elevate Ventures, First Source Capital, and individual angel investors.