US based blockchain firm raises $6m from big energy companies across world

09 May, 2019
by Colin Hawkins
Blockchain
US based blockchain firm raises $6m from big energy companies across world

Data Gumbo Corp., a blockchain startup based out of Houston Texas, announced that it has raised $6 million in its Series A funding round from major energy companies stretching across the world.

As reported by Worldoil on May 8, the energy focused news outlet states that the companies involved in the funding round include heavy hitters in the energy field such as the Saudi Arabian national petroleum and natural gas company, Saudi Aramco. They also received funding from the subsidiary of the Norwegian multinational energy operator, Equinor Technology Ventures. This new investment funding round brings Data Gumbo’s total funding to a estimated $9.3 million.

The funds raised are being put to use to develop and expand Data Gumbo’s commercial blockchain network, as well as strengthening the company’s sales, marketing, and technical teams. The end goal that investors are looking to see out of Data Gumbo is a blockchain as a service platform that will improve the oil and gas supply chains. Also automating the process by enabling automated payments and decreasing reconciliation times between supply chain counterparts.

The Senior Investment Director at Saudi Aramco Energy Ventures, Daniel Carter, spoke on why they supported Data Gumbo Corp. in their funding round:

“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers.”

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