Saudi Arabia Aramco Ventures increases investment in Blockchain entity Data Gumbo
Data Gumbo, the trusted industrial blockchain network, closed its Series B funding round of $4 million led by new investor L37, a Bay Area and Houston-based venture capital company, with return investments from Equinor Ventures, the venture subsidiary of Equinor, and Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco. Saudi Aramco first invested in Data Gumbo in June of 2019, where Data Gumbo raised 9.3 million USD. This is not the first time Saudi Aramco Energy Ventures invests in a blockchain entity. It has also invested in Vakt oil trading Blockchain platform.
Based on sales pipeline growth, increased demand of new projects and required global expansion, Data Gumbo has executed this first close of its Series B. Additionally, the capital will be used to mature its massively interconnected blockchain network, GumboNet™, in support of capturing increased market share across asset-heavy and capital-intensive industries including oil & gas, construction, mining and manufacturing. Data Gumbo’s funding totals $14.8 million to date.
“Time is of the essence to capitalize on greatly increased demand for our network, and we’re making key hires to support our growing commercial success and market penetration in oil & gas and adjacent industries,” said Andrew Bruce, CEO and Founder, Data Gumbo. “This funding will solidify Data Gumbo’s leadership position realizing transactional certainty through smart contracts. We are thrilled to partner with L37 and their expert team to apply our network to solve problems and generate value for our customers in this considerably difficult environment.”
In the current global business environment, it’s imperative that industry frees up working capital and reduces inefficiencies to cut costs and streamline operations. As a network of companies, customers, suppliers and vendors, GumboNet enables participants to reduce contract leakage, free up working capital, improve cash and financial management, and deliver material provenance through the deployment of blockchain-powered smart contracts.
“Data Gumbo’s deep knowledge of the issues that plague the oil & gas market, in addition to other industries, and its position to directly address these pain points make our follow-on investment an easy decision,” said Dan Carter, Senior Investment Director, Saudi Aramco Energy Ventures. “Our repeat investment will help the company achieve meaningful milestones including key hires, investing in further developing its product and expanding market presence. Smart contracts backed by blockchain empower companies to operate in low cost environments and realize value, a much needed consideration today in our current economic global climate.”
“Data Gumbo is the category leader for industrial smart contracts, which is an inevitable next step in digital transformation of the oil and gas industry,” said Kemal Farid, a Partner in L37. “There is a lack of transparency, visibility and accuracy between counterparts of contracts that increases the costs of doing business and this has been greatly exacerbated by the current business landscape. We look forward to applying our experience to propel the company along its journey to bring transactional certainty and cost efficiency to commercial relationships.”
“We are pleased to continue the investment in Data Gumbo as the company matures and scales, driving cost savings and efficiencies across the energy sector,” said Gareth Burns, Vice President and Head of Equinor Ventures. “We are excited to partner with a player pushing the envelope with proven technology to transform and automate business processes in oil, gas and low carbon solutions.”
