Government News

US Air Force awards $30m strategic funding to SIMBA Chain for enterprise blockchain apps

us air force usaf

Today SIMBA Chain announced it has received $30 million in funding as part of the Air Force Strategic Funding Increase (STRAFI) program. The blockchain startup has executed at least seven projects with the U.S. Air Force (USAF) as well as several other defense departments, including the Navy and Army. However, it noted this latest award is for significantly more money.

The startup raised $25 million in its Series A funding in 2021.

In addition to serving government departments and enterprises such as Boeing and Dow Chemical, SIMBA Chain has its middleware blockchain solution, SIMBA Blocks. This abstracts the complexity of managing a blockchain, allowing integration with sev via APIs. One of its investors described it as Stripe for blockchain.

This particular USAF contract is focused on managing assets within the Department of Defense supply chains. Last year SIMBA Chain won a contract to tokenize the USAF supply chain budget, which allows departments to track the movement of funds. It has also executed a project for tracking the supply of aircraft parts.

“Through STRATFI our Government partners are sending a strong demand signal for blockchain technology. Given the interconnectedness of the DoD supply chain, it also signals an opportunity to collaborate and increase adoption within the commercial industry,” says Bryan Ritchie, CEO of SIMBA Chain.