Houston-based Data Gumbo raised more financing for its blockchain ledger network for energy and industrial companies.
The $4 million Series C equity funding round was co-led by Saudi Aramco Energy Ventures and Equinor Ventures, the venture subsidiary of Norwegian energy firm Equinor ASA (NYSE: EQNR), Data Gumbo announced Aug. 10.
Data Gumbo operates a blockchain network for smart contracts aimed at industrial customers, including oil and gas companies, trucking, shipping and other sectors. The network uses real-time sensor and field data to validate and confirm automated payments according to contract terms.
"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," said Data Gumbo founder Andrew Bruce. "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."
More than 180 enterprise users are participating on Data Gumbo's blockchain network, the company said. Data Gumbo piloted the "GumboNet" technology at Equinor's operations in the Johan Sverdrup field in the North Sea. The Houston company primarily has projects in the North Sea and North America but recently expanded into Saudi Arabia to grow its customer base in the Middle East. Data Gumbo also has a presence in London.
"Over the past two years, through our internal and external efforts, we have learned a great deal about how distributed ledger technology enables efficiencies and cost savings in our operations," said Gareth Burns, vice president at Equinor Ventures. "We believe now is the time to put that knowledge to work by continuing to support the market leader in this space and to realize value by implementing their technology."
The tech company also operates GumboNet ESG, a blockchain network for collecting and reporting accurate environmental, social and governance metrics to support corporate sustainability efforts.
Data Gumbo closed its Series B funding round at $7.7 million last year. The tech company is headquartered in west Houston at The Cannon at 1334 Brittmoore Road.
