- Data Gumbo — a trusted industrial blockchain network — announced the first close in its Series B funding round of $4 million led by new investor L37
Data Gumbo — a trusted industrial blockchain network — announced the first close in its Series B funding round of $4 million led by new investor L37 (a Bay Area and Houston-based venture capital company) with return investments from Equinor Ventures (the venture subsidiary of Equinor) and Saudi Aramco Energy Ventures (the venture subsidiary of Saudi Aramco).
With the sales pipeline growth, the increased demand for new projects and required global expansion, Data Gumbo has executed this first close of its Series B. And additionally, the capital will be used to mature its massively interconnected blockchain network, GumboNet in support of capturing increased market share across asset-heavy and capital-intensive industries including oil & gas, construction, mining, and manufacturing. Including this round of funding, Data Gumbo’s funding totals $14.8 million to date.
And in the current global business environment, it is imperative that industry frees up working capital and reduces inefficiencies to cut costs and streamline operations. As a network of companies, customers, suppliers, and vendors, GumboNet allows participants to reduce contract leakage, free up working capital, improve cash and financial management, and deliver material provenance through the deployment of blockchain-powered smart contracts.
KEY QUOTES:
“Time is of the essence to capitalize on greatly increased demand for our network, and we’re making key hires to support our growing commercial success and market penetration in oil & gas and adjacent industries. This funding will solidify Data Gumbo’s leadership position realizing transactional certainty through smart contracts. We are thrilled to partner with L37 and their expert team to apply our network to solve problems and generate value for our customers in this considerably difficult environment.”
— Andrew Bruce, CEO and Founder at Data Gumbo
“Data Gumbo is the category leader for industrial smart contracts, which is an inevitable next step in digital transformation of the oil and gas industry. There is a lack of transparency, visibility, and accuracy between counterparts of contracts that increases the costs of doing business and this has been greatly exacerbated by the current business landscape. We look forward to applying our experience to propel the company along its journey to bring transactional certainty and cost efficiency to commercial relationships.”
— Kemal Farid, a Partner in L37
“We are pleased to continue the investment in Data Gumbo as the company matures and scales, driving cost savings and efficiencies across the energy sector. We are excited to partner with a player pushing the envelope with proven technology to transform and automate business processes in oil, gas, and low carbon solutions.”
— Gareth Burns, Vice President and Head of Equinor Ventures
“Data Gumbo’s deep knowledge of the issues that plague the oil & gas market, in addition to other industries, and its position to directly address these pain points make our follow-on investment an easy decision. Our repeat investment will help the company achieve meaningful milestones including key hires, investing in further developing its product, and expanding market presence. Smart contracts backed by blockchain empower companies to operate in low-cost environments and realize value, a much-needed consideration today in our current economic global climate.”
— Daniel Carter, Senior Investment Director, Saudi Aramco Energy Ventures