A Houston-based blockchain company called Data Gumbo Corporation has made an announcement of securing $6 Million in a Series A equity funding round. A venture subsidiary of Saudi Aramco called Saudi Aramco Energy Ventures and a venture subsidiary of Equinor called Equinor Technology Ventures (ETV) co-led the funding round.
$9.3 million is now the total funds of the company due to the funding round. A commercial blockchain network of the company will be expanded through the funds. The funds will not only be used for the expansion of the network, but the funds will also be used to grow the technical, sales and marketing teams.
Andrew Bruce set up the Houston-based blockchain company Data Gumbo. He is a former executive at National Oilwell Varco and MHWirth. He is also a serial entrepreneur having more than 15 years of experience in the software and energy industries. He identified an opportunity at first and then he had set up Data Gumbo. The opportunity identification is related to removing a sizeable inefficiency between an oil supermajor and one of the suppliers. He has encouraged for creating a Blockchain-as-a-Service (BaaS) distributed ledger network of Data Gumbo. Automating contract execution is a purpose behind this encouragement related to the BaaS creation.
Saudi Aramco Energy Ventures is an energy solution provider. It is located in Dhahran. It has its offices in North America, Europe, and Asia. Investing in startups and high growth companies is a mission of the company. Equinor Technology Ventures (ETV) is a technology solution provider. Supporting small and medium enterprises (SMEs) is a purpose of the provider. The provider supports them with new technologies related to oil and energy.
The ETV team consists of experts from finance, mergers & acquisitions, boards, management, marketing & sales, technology development and implementation, and oilfield technologies. Exploration, reservoir, drilling and well, production, facilities, and solutions are the areas ETV focuses on, according to the official site of Equinor.
The Houston-based blockchain company Data Gumbo is recognized as a Blockchain-as-a-Service (BaaS) company. An interconnected blockchain network can be created through the company. The network can be for industrial companies related to oil and gas. It is located in Houston, Texas. The subsidiary of the company is Data Gumbo AS, PR Newswire reported.
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