Major Energy Companies Invest $6 Million in Blockchain Startup Data Gumbo
The American blockchain startup Data Gumbo Corp. secured $6 million in its Series A funding. It was co-led by the venture arm of the largest petroleum and natural gas company Suadi Aramco, reported World Oil on May 8, 2019.
$9.3 Million Total Funding
Data Gumbo Corp. was founded by a former executive at National Oilwell Varco and MHWirth, Andrew Burce, after he realized how blockchain could potentially save the energy companies millions of dollar by improving its supply chain management. The startup now has a Blockchain-as-a-service (BaaS) platform that provides smart contracts management to its customers.
The startup’s Series A funding round saw participation from Saudi Aramco Energy Ventures and Equinor Technology Ventures, the venture wing of Norwegian multinational energy operator Equinor. It successfully raised $6 million, making the overall funding of the startup $9.3 million.
The startup expects the funding to help it expand its blockchain network and bring in more technical, sales and marketing professionals into its team.
Senior investment director of SAEV, Daniel Carter, told that “Data Gumbo is at the forefront” to bring the application of distributed ledger technologies and make the supply chain management for industrial companies and their suppliers more efficient.
Bruce, founder and CEO of Data Gumbo, is hopeful that their partnership with Equinor and Saudi Aramco and their associated supply chains will help their BaaS network “gain critical mass.” He now plans to lead the company to bring major disruption to the oil and gas industry by implementing blockchain for operational improvements.
Blockchain in Oil and Gas
Major oil companies have started testing the waters of the blockchain industry. As reported by BTCManager on January 17, 2019, the London-based oil trading platform VAKT signed up three major oil companies Chevron, Total and Reliance for using their oil trading platform. The company’s initiative is similar to that of Data Gumbo — reducing the cost involved in supply chain management.
In yet another development, VAKT was reported to have joined hands with multiple firms that carried out a majority of the trades in the North Sea. VAKT was the world’s first blockchain-based oil trading platform that was launched by leading oil and energy sector companies in November 2o18.
