Data Gumbo Corp., a Houston TX-based Blockchain-driven smart contract service provider, has nabbed USD6 million in a Series A equity funding round to develop its commercial blockchain network and expand sales, technical and marketing teams. The company has received funds from Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, a Norwegian multinational energy operator. With this latest funding, the company’s total funding purportedly reached USD 9.3 million.
As per the announcement, Data Gumbo Corp. will be used this fresh capital for developing its commercial blockchain network and adding to the company’s technical, sales, and marketing teams. Ahead of this funding, the investors ostensibly expect that Data Gumbo’s blockchain-as-a-service platform will perk up oil and gas supply chains by purging disputes and allowing automated payments in addition to reducing reconciliation times between supply chain counterparts. Senior Investment Director at Saudi Aramco Energy Ventures, Daniel Carter said that “distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers.”
Founded in 2016, Data Gumbo is a Blockchain-as-a-Service (BaaS) company developing a massively interconnected Blockchain network for industrial companies, including oil and gas, to remove the differences in interpretation of data, when it comes to payments, filings, and audits that bring to holdups and disputes. Since its inception, the company has made significant strides in Blockchain implementation for the drilling industry. Its cloud-based blocks are configurable that empowers the consolidation of all germane data into a single block.