Blockchain Firm Data Gumbo Secures $6M USD In Series A Funding

Blockchain, Investing, News | May 9, 2019 By:

Blockchain firm Data Gumbo has raised $6 million in its Series A equity funding round led by Saudi Aramco Energy Ventures and Equinor Technology Ventures. This round brings Data Gumbo’s total funding to $9.3 million.

Headquartered in Houston, Texas, Data Gumbo is the Blockchain-as-a-Service (BaaS) company creating an interconnected blockchain network for industrial companies, including oil and gas. Its BaaS platform aims to eliminate industrial companies’ different interpretations of dat by facilitating automated calculation, reconciliation and payment of invoice line items in near real time with total transparency, driving reconciliation time between supply chain counterparts down to zero, among other benefits.

The company will be using the new capital to expand the company’s commercial blockchain network, in addition to growing the technical, sales and marketing teams at their Houston headquarters and office in Stavanger, Norway.

“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,” said Andrew Bruce, Chief Executive Officer of Data Gumbo. “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.”

Data Gumbo’s BaaS platform offers a subscription model that the company says will free the industry from building and sustaining standalone, in-house blockchain solutions with their inherent lack of interoperability and neutrality.

“While we started in energy, we already have value for bulk commodity haulage, trucking and shipping, with plans to parlay our momentum into other global industries,” said Bruce. “Wherever two or more organizations share a contractual relationship that can be verified with a digital source of data, opportunities abound to realize efficiencies and cost savings utilizing our blockchain network.”