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Blockchain Company Simba Chain Received $30M Funding Increase From US Air Force
The USAF has granted Simba Chain the increase as part of its aims of "identifying and advancing technologies that have the potential to secure its future dominance."
Updated May 9, 2023, 4:07 a.m. Published Feb 1, 2023, 9:46 a.m.
Indiana-based blockchain firm Simba Chain, which has worked with the U.S. military on various projects in recent years, has received a $30 million increase in funding.
The U.S. Air Force (USAF) has granted Simba Chain a $30 million strategic funding increase (STRATFI) as part of its aims of "identifying and advancing technologies that have the potential to secure its future dominance," according to an announcement on Tuesday.
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Simba Chain received $1.5 million from the USAF in 2020 to research and develop a blockchain for supply chain logistics in the USAF. The following year, it received another $1.5 million to work on something similar for the U.S. Navy.
The $30 million STRATFI therefore demonstrates a substantial increase in investment into Simba Chain, possibly reflecting the growing potential the U.S. military sees in blockchain technology to secure supply chains for weaponry and other equipment.
CORRECTION (Feb. 7, 16:10 UTC): Corrects spelling of company name in headline.
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