Data Gumbo Corp., a Houston-based technology company, recently completed a $6M series A equity funding round.
According to the announcement, Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator, led the funding series. The series A funding brings Data Gumbo’s total funding to $9.3 million.
Data Gumbo will use the newly acquired funding to expand its commercial network. The company also tends to grow the technical sales and marketing team at their Houston headquarters and office in Stavanger, Norway.
The company has already developed a Blockchain-as-a-Service (BaaS) platform to streamline smart contracts management for industrial customers.
Andrew Bruce, the CEO of Data Gumbo:
“We enabled the first application of blockchain technology in the offshore drilling industry and will continue to break new ground with applications of BaaS to improve the bottom line of companies of all sizes. Blockchain will have a major impact on the oil and gas industry – and all global industries – and we will lead the charge in its broad adoption for sweeping operational improvements.
“The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships will provide the momentum for the Data Gumbo BaaS network to gain critical mass.”
The investors are also expecting Data Gumbo’s blockchain-as-a-service platform to improve oil and gas supply chains by eliminating disputes and enabling electronic payments, as well as decreasing reconciliation times between supply chain counterparts.
While commenting on the new funding, Daniel Carter, the senior investment director at SAEV stated:
“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers, and Data Gumbo is at the forefront of introducing this innovation. While they have started in the energy sector, Data Gumbo’s platform has broad industrial applicability.”
Russia also welcomed an initiative to use blockchain for agreements over gas supplies by Gazprom, a state-owned gas company. The blockchain-based platform is reportedly intended to allow data sharing between all the participants of a specific contract. It is also aimed at improving the security of data.
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