Blockchain

Blockchain Firm Raises $6 Million from Energy Companies Who Want to Be Using Blockchain

Blockchain companies are increasingly being wooed by traditional companies, as the benefits of blockchain technology become increasingly evident. Now, reports are emerging that the American blockchain startup Data Gumbo Corp. has raised $6 million from energy companies – as these seem set to become energy companies using blockchain. 

Data Gumbo has been funded by Saudi Aramco and Equinor

Specifically, this news came from the energy news outlet World Oil, and was published on May 8th. Moreover, it details that the Houston-based blockchain company has secured a Series A funding round. Data Gumbo’s unique offering is said to be a Blockchain-as-a-Service (BaaS) platform.

Furthermore, the funding round – which yielded $6 million – was led by Saudi Aramco Energy Ventures, a subsidiary of Saudi Aramco. What’s more, Norway’s leading energy operator, Equinor, also participated through its venture subsidiary arm, Equinor Technology Ventures.

Ledger Nano S - The secure hardware wallet

In addition to this, the raised capital will reportedly be used in order to further develop Data Gumbo’s commercial blockchain network. Furthermore, Data Gumbo also intends to expand its technical, marketing and sales teams at their Houston headquarters and Norway office.

Following this funding round, Data Gumbo’s total funding amounts to approximately $9.3 million. This should provide ample runway for the company to continue developing and deploying its BaaS platform.

Additionally, Data Gumbo’s CEO, Andrew Bruce, noted that the partnerships with Equinor and Saudi Aramco, as well as these companies’ associated partnerships and supply chains, should allow the Data Gumbo BaaS network to ”gain critical mass”.

Andrew Bruce went on:

”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.”

Data Gumbo wants to help energy companies using blockchain

Many different industries are increasingly beginning to investigate the usage of blockchain technology. This is no sudden development, as the advantages blockchain technology can bring to various industries have long been clear

Nevertheless, the energy sector might be one of the most obvious candidates for implementation of blockchain technology. Delays and disputes within this sector are already frequent. This comes as measurements including weight, speed, delivery time, mass, volume and quality control are interpreted differently by differing firms. 

Data Gumbo promises to eliminate these discrepancies and inefficiencies through the use of its BaaS network. The network will reportedly offer automated calculations, reconciliations and invoice line item payments for a smoother experience. 

According to some investor quotes attached by World Oil, both Equinor and Saudi Aramco look forward to becoming energy companies using blockchain. Rannfrid Skjervold, Managing Director at Equnor Technology Ventures, had this to say:

”Over the past two years, through our internal and external efforts, we have learned a great deal about how blockchain can create efficiencies and save cost in our operations. We believe now is the time to put that knowledge to work by supporting a promising company in this space and to realize value by implementing their technology.”