Subsidiaries of national oil companies in Saudi Arabia and Norway have backed a $4 million Series C equity fund for smart contract network provider Data Gumbo to help the Houston-based company grow 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 on August 10 in a press release. .
The funding comes after a year of impressive growth for Data Gumbo, which provides companies with technology to “increase operational efficiency, 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 customers already collecting data from the field “to streamline their back-office processes and save time and money,” the company said. .
“Distributed ledger technologies bring win-win efficiencies between industrial companies and their suppliers,” SAEV Chief Investment Officer Frank Andrasco said in the release.
Equinor Ventures Vice President Gareth Burns added that it was “time to put this knowledge into practice by continuing to support the market leader in this space and realize value by implementing its technology.” .
Data Gumbo uses Industrial Internet of Things (IIoT) data across all industries, from oil and gas, power, supply chain and logistics, mining and manufacturing. real estate under construction. The company’s smart contracts platform uses real-time IoT sensor data, helping to reduce friction to provide streamlined operations and transactional certainty while maintaining security controls to protect its customers and their network.
Data Gumbo’s first-ever Smart Contract Marketplace hosts over forty smart contract templates ready to use right out of the box. The market has grown to more than 180 companies participating in the company’s smart contract network.