Houston-based blockchain-as-a-service company Data-Gumbo Corp recently announced that they have completed a $6M Series A equity funding round. This Series A round brings Data Gumbo's total funding to $9.3 million.
Saudi Aramco Energy Ventures which is the venture subsidiary of Saudi Aramco and Equinor Technology Ventures which is the venture subsidiary of Equinor co-led the round. The freshly raised capital will be used to grow the company's commercial blockchain network, as well as Data Gumbo's technical, sales and marketing teams at their Houston headquarters and office in Stavanger, Norway.
In a press release Andrew Bruce, CEO of Data Gumbo said:
“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.”
Notably, Data Gumbo was founded by Bruce, a former executive at National Oilwell Varco and MHWirth, and serial entrepreneur with 20 years of experience in the software and energy industries. The company was built with a vision to identify a multi-million dollar cost-saving opportunity to eliminate a sizeable inefficiency between an oil supermajor and one of its suppliers. Bruce engineered a blockchain solution, spurring the creation of Data Gumbo’s BaaS distributed ledger network to automate contract execution.
Most investors in the company are ecstatic with the move as seen by this quote from Daniel Carter, senior investment director, SAEV.
“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.”
Many oil and gas companies are joining the Blockchain bandwagon. In March 2019 we reported a story about ExxonMobil and Chevron headlining a 7 company initiative to create an oil and gas consortium. This new initiative will be called Oil & Gas Blockchain Consortium and it will conduct proof of concept trials in order to create a blockchain that will explore how this technology can contribute to the gas and oil industry around the world.