Data Gumbo Corp, an American blockchain firm has raised $6 million from principal energy companies. The investors also include the venture wing of Saudi Arabian national petroleum and natural gas company Saudi Aramco. The development was first published by energy-focused news outlet Worldoil on May 8.
Data Gumbo supposedly raised $6 million, in a Series A equity funding round, from companies like Saudi Aramco Energy Ventures and the venture subsidiary of Saudi Aramco. The investors also include Equinor Technology Ventures, the venture subsidiary of Equinor, a Norwegian multinational energy operator. The aforementioned investment in the startup ostensibly brings Data Gumbo’s total funding up to $9.3 million.
It is to be noted that the raised funds will be used for developing Data Gumbo’s commercial blockchain network and adding to the company’s marketing, technical, and sales teams. The investors allegedly anticipate Data Gumbo’s BAAS platform to improve oil and gas supply chains by getting rid of disputes and enabling automated payments, as well as lessening settlement times between supply chain counterparts.
Saudi Aramco Energy Ventures’ Investment Director, Daniel Carter mentioned that DLT technology has the potential to bring win-win efficiencies between industrial companies and their suppliers.
Interestingly, the Russian prime minister welcomed an initiative, in recent times, to use blockchain in agreements over gas supplies by the country’s state-owned gas giant Gazprom. The platform, which is based on blockchain, apparently intends to allow data sharing between all the participants of a certain contract, as well as to improve the security of data.
In the month of March, 7 global oil and gas firms, including American industry giants ExxonMobil and Chevron, partnered to form the Oil & Gas Blockchain Consortium. Interestingly, the aforementioned initiative intends to conduct POCs in order to explore and implement the benefits of blockchain apart from contributing to the global adoption of the tech.