Subsidiaries of national oil companies from Saudi Arabia and Norway have backed a $4 million Series C equity fund for smart contract network provider Data Gumbo to assist the Houston-based company expand its digital ledger technology.
Funding for the expansion was co-led by Saudi Aramco Energy Ventures, a subsidiary of Saudi Aramco, and Equinor Technology Ventures, a subsidiary of Equinor, Norway’s leading energy operator, Data Gumbo announced Aug. 10 in a press statement.
The funding comes after a year of impressive growth for Data Gumbo, which provides companies with technology to “increase operational efficiencies, accountability, transparency and cash flow certainty,” the company said in the press release.
The additional funding will allow the company to expand its reach to help clients already capturing field data “to streamline their back-office processes and realize time and cost savings,” the company said.
“Distributed ledger technologies bring win-win efficiencies between industrial companies and their suppliers,” SAEV senior investment director Frank Andrasco said in the statement.
Equinor Ventures vice president Gareth Burns added that it was “time to put that knowledge to work by continuing to support the market leader in this space and to realize value by implementing their technology.”
Data Gumbo utilizes Industrial Internet of Things (IIoT) data across sectors from oil and gas, energy, supply chain and logistics, mining and commercial real estate to construction. The company’s smart contract platform utilizes real-time IoT sensor data, helping to reduce friction to deliver streamlined operations and transactional certainty while maintaining security controls to protect its customers and their network.
Data Gumbo’s first ever Smart Contract Marketplace houses over forty smart contract templates which are ready for immediate use. The marketplace has grown to over 180 enterprises participating in the company’s smart contract network.
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