Economy Minister Vaughan Gething today announced that American cloud-based tech company SIMBA Chain is due to set up a base in Glynebwy-Ebbw Vale following Welsh Government support through its Tech Valleys programme, creating 26 well-paid, highly skilled jobs.
Founded in 2017 with a grant to develop a secure, un-hackable messaging and transaction platform for the United States military, SIMBA Chain has quickly established itself as a leader in its field.
It now has high-value contracts with the US Department of Defense, US Air Force and US Navy, and it’s thought SIMBA Chain could become the first unicorn company to emerge from the University of Notre Dame. This would see it achieve a $1 billion valuation.
The move to Cymru will see the business benefitting from funding of £737k to ensure the creation of 26 new, highly skilled and well paid jobs. The support is part of the Welsh Government’s £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 support will further support SIMBA Chain’s global expansion plans to become the go-to name for effectively utilising Blockchain technology.
The 26 new jobs will have an average salary of £60,000.
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.”