Blockchain startup SIMBA Chain, which has the U.S. Air Force as one of its clients, has raised $1.5 million in a seed funding round.
The round saw participation from Notre Dame Pit Road Fund, Elevate Ventures, First Source Capital, and other individual angel investors, SIMBA Chain announced Monday. The startup provides a platform that helps enterprises and governments to “quickly” deploy decentralized applications (dapps).
With the fresh capital in place, SIMBA Chain looks to hire additional sales and development staff and support the initial execution of “major” government contracts, including one with the U.S. Air Force to secure its supply chain.
"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,” said Joel Neidig, co-founder and CEO of SIMBA Chain.
Neidig added that SIMBA Chain’s platform helps 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.”