Data Gumbo, Blockchain enabled smart contract provider has closed a Series C equity round of 4 million USD led by Saudi Aramco Energy Ventures. The venture is a subsidiary of Saudi Aramco. Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator also co led the round.
This funding round follows a year of impressive growth for Data Gumbo, which has introduced the first ever Smart Contract Marketplace with forty smart contract templates ready to be deployed for immediate reduction in transactional friction and grown to over 180 enterprises participating in Data Gumbo’s smart contract network.
“We have continued to lead the way in the adoption of smart contracts for industrial use,” said William Fox, Chief Executive Officer of Data Gumbo. “The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will continue the momentum for the Data Gumbo’s smart contract network.”
By tapping into existing IIoT data sources to trigger confirmation and payment automation of contractual commercial terms, organizations are able to eliminate the time-consuming process of validating invoices and transactions and fully automating the procure-to-pay and order-to-cash processes.
Data Gumbo plans to expand its reach, helping any organization who captures field data today to streamline their back office processes and realize time and cost savings.
“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,” comments Andrew Bruce, Founder of Data Gumbo. “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.”
Frank Andrasco, Senior Investment Director, Saudi Aramco Energy Ventures stated, “Distributed ledger technologies 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.”
This is the fourth investment made by Saudi Aramco Energy Ventures into Data Gumbo which recently opened its offices in KSA.
