On May 8, Worldoil, energy-related news outlet, reported that the venture wing of Saudi Aramco has led an investment fund for the US-based blockchain startup Data Gumbo Corp.
On May 8, Worldoil, energy-related news outlet, reported that the venture wing of Saudi Aramco has led an investment fund for the US-based blockchain startup Data Gumbo Corp. Saudi Aramco is Saudi Arabia’s national petroleum and gas company, which helped Data Gumbo Corp. raise some $6 million along with other prominent names from the energy industry.
Several venture subsidiaries from Saudi Aramco and Equinor took part in the Series A funding round, which brought Data Gumbo’s total fundings up to $9.3 million. For the uninitiated, Equinor Technology Ventures is the subsidiary of the Norwegian-based international energy operator Equinor.
Andrew Bruce, CEO of Data Gumbo, was quoted by Worldoil:
“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. The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships will provide the momentum for the Data Gumbo BaaS network to gain critical mass.”
Data Gumbo’s commercial blockchain network is currently in the works and the fresh funds will be used to boost its further development. Notably, investors are not just hoping for financial returns in the long-term. The startup’s blockchain-as-a-service platform is expected by them as it can significantly improve existing solutions. Data Gumbo’s BaaS will most likely enhance automated payments, diminish the number of disputes and reconciliation times between supply chain parties.
Daniel Carter, senior investment director at Saudi Aramco Energy Ventures said:
“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers, and Data Gumbo is at the forefront of introducing this innovation. While they have started in the energy sector, Data Gumbo’s platform has broad industrial applicability.”
In related news, Russian state-owned gas giant Gazprom revealed that it was given green light to use blockchain technologies in its supply chain agreements.