In a recent interview Jim Sledzik, Managing Director of the North American arm of Saudi Aramco Energy Ventures, Saudi Aramco’s venture capital subsidiary, says his mission is to ensure that the company is at the forefront of the of one of the biggest transformations of the energy industry to date.
Saudi Aramco Energy Ventures was formed in 2012 and has focused their investments towards technological innovation in energy and related fields and applied to oil, gas , chemicals, water, renewable energies and nonmetallic composites.
The company (SAEV) has recently round up $6 million in a Series A funding for Data Gumbo with co-investors Equinor Technology Ventures, the subsidiary of Norwegian oil giant Equinor.
Chief Executive from Data Gumbo says, ““It’s a huge benefit for us to say, ‘Well, look who is backing us up, you know we’re going to be around in six months.’”
Bruce also says he met with Sledzik to discuss the concept (of a technology normally recognized for facilitating bitcoin but is now being used for its technology to process and automate contracts between companies in the oil and gas industry) that “he got it immediately and threw weight behind the investment decision.”
SAEV has invested roughly $16 million in Maana, a Menlo park, CAlif. – based software company. Within days of the May investment announcement, bruce and the Data Gumbo team traveled to Saudi Arabia in order to meet with 30 Aramco officials and discussed ways in which the technology could be applied to the oil and gas company.