May 9, 2019 10:15 UTC
May 9, 2019 at 10:15 UTC
Data Gumbo Corp. Raises $6 Mln From Major Energy Firms Across the World
Data Gumbo Corp., a US-base blockchain startup from Houston Texas, recently announced that it had raised $6 million in its Series A funding round from some major energy companies which are stretching throughout the world.
As Worldoil reported on May 8, the energy focused news outlet says that the organisations involved in the funding round incorporate heavy hitters in the energy sector, for example, the Saudi Arabian national natural gas and petroleum firm, Saudi Aramco. Also, they received funding from the Norwegian subsidiary multinational energy operator, Equinor Technology Ventures. This new investment funding round brings the overall financing of Data Gumbo to an estimated $9.3 million.
The funds raised by the firm are being put to use for the purpose of developing as well as expanding Data Gumbo’s commercial blockchain network and strengthening the company’s marketing, sales and technical teams. The end goal which investors are looking to see out of the company is a BaaS (Blockchain as a Service) platform that will improve the gas and oil supply chains. Besides, automating the process by enabling automated payments as well as decreasing reconciliation times between the supply chain counterparts.
Daniel Carter, the Senior Investment Director at Saudi Aramco Energy Ventures, 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.”