Welsh Gov lures US military contractor to Wales with over £700,000
The Welsh Government has lured a US military contractor to Wales by giving it £737,000.
Economy Minister Vaughan Gething has announced today that American cloud-based tech company SIMBA Chain is due to set up a base in Ebbw Vale, creating 26 jobs.
The firm was founded in 2017 with a grant to develop a secure, un-hackable messaging and transaction platform for the United States military.
It now has high-value contracts with the US Department of Defense, US Air Force and US Navy.
It has been speculated that SIMBA Chain could become the first so called unicorn company to emerge from the University of Notre Dame, which would see it achieve a $1 billion valuation.
The Welsh Government has backed the firm through its £100m Tech Valleys programme, which was established to support high value, sustainable jobs, attract investment and create new opportunities in Blaenau Gwent and the surrounding areas.
The Welsh Government says its backing will further support SIMBA Chain’s global expansion plans to become the go-to name for effectively utilising Blockchain technology.
Economy Minister Vaughan Gething said: “Through our ambitious Tech Valleys programme we are committed to attracting, supporting and driving innovative tech businesses in Blaenau Gwent and the surrounding areas.
“I am delighted SIMBA Chain has seen the huge potential of this area and has decided to base its operation in the tech-rich ecosystem we are building.
“We want to see long term economic prosperity for residents and these well-paid, highly skilled new jobs are exactly the sort of employment opportunities we want to support. I wish SIMBA all the best in its global expansion plans.”
SIMBA Chain CEO Joel Neidig said: “We are pleased to make Wales the home of our first international office, which will help expand SIMBA Chain’s presence among corporations, government entities, and universities that want to leverage the unquestionable benefits of blockchain technology not only in the United Kingdom, but across Europe as well.
“Demand for our Web3 smart contracts platform, which enables has accelerated much quicker than we anticipated. Users across multiple spectrums have embraced and validated the SIMBA Chain model, which simplifies development of smart contracts. This partnership will also allow us to tap into the local tech talent we need to support the company’s rapid growth.”
Cardiff University professor Dr. Ian Taylor, who is recognised among the world’s top blockchain influencers, is the co-founder and Chief Technology Officer of SIMBA Chain. He said:
“It is an honour to create opportunities in Wales for those who have a passion for blockchain technology, which is the future of digital information security and value creation and the source of exciting careers.
“SIMBA Chain is literally changing the world by making this highly complex technology easy to use and apply across all major blockchain platforms. Being born in Wales, I am so proud to see our company establish an entity in Wales and help support a new vibrant tech savvy Welsh economy.”
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