Equinor Technology Ventures and Saudi Aramco Energy Ventures invest in blockchain-as-a-service platform by Houston, TX., based technology company Data Gumbo Corp., to help streamline smart contracts management for the industrial customer in a $6M Series A equity funding round.
The new capital for Data Gumbo Corp., brings the total funding to $9.3 million and will be used to expand the company’s commercial blockchain network, grow technical support and expand sales and marketing teams in 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. 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,” said Andrew Bruce, Chief Executive Officer of Data Gumbo.
There are several problems that big enterprise companies face on a daily basis, more specifically those in the oil and gas. To eliminate discrepancy and losing hundreds-of-millions of dollars in delays, extra expenses, disputes and ensuing reconciliation between supply chain parties, CEO and founder, Andrew Bruce hopes to eliminate such interpreperation differences with the power of BaaS and smart contract technology.