Saudi Arabian energy companies invest millions in an American blockchain startup!

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An American blockchain startup Data Gumbo Co. Raised $6 million in a series A equity funding round from major Saudi Arabian energy companies. These companies include natural gas company Saudi Aramco. 

Data Gumbo commercial blockchain network

These raised funds are meant for the development of Data Gumbo’s commercial blockchain network. Additionally, company’s technical, sales, and marketing teams will also receive funding, bringing this total funding to $9.3 million.

“We enabled the first application of blockchain technology in the offshore drilling industry and will continue to break new ground with applications of BaaS (Blockchain-as-a-Service) to improve the bottom line of companies of all sizes. Blockchain will have a major impact on the oil and gas industry – and all global industries – and we will lead the charge in its broad adoption for sweeping operational improvements,”

said Andrew Bruce, CEO of Data Gumbo

The Saudi Arabian investors expect that this investment will help Data Gumbo to improve oil and gas supply chains by eliminating disputes and enabling automated payments. As well as decreasing reconciliation times between supply chain counterparts.

“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers, and Data Gumbo is at the forefront of introducing this innovation,”

said Daniel Carter, senior investment director, SAEV.

About Data Gumbo

Andrew Bruce founded Data Gumbo. He is a former executive at National Oilwell Varco and MHWirth. He is a serial entrepreneur with 20 years of experience in the software and energy industries. Bruce built Data Gumbo after identifying a multi-million dollar cost-saving opportunity to eliminate a sizable inefficiency between an oil super-major and one of its suppliers. Bruce devised a blockchain solution, spurring the creation of Data Gumbo’s BaaS distributed ledger network to automate contract execution.

Why does this matter?

Oil and energy companies coming into blockchain tech is a massive step towards a broader blockchain mass-adoption. Oil, gas and energy is a huge industry with a value of multiple billions of dollars. However, this does not coincide with cryptocurrencies as such. We see that some of the largest industries in the world already use blockchain tech. After blockchain comes cryptocurrencies. Blockchain as a technology is now booming in all sorts of industries. Presumably, it will continue with this pace onwards as well. Blockchain will be on every corner in every industry because it is an update to the old system. It’s called evolution.

However, we still have got no idea how blockchain will be used in the future and how it is going to be developed. It’s like in the early days of internet. No one could possibly imagine a world like we are living in right now. Internet is the key component of today’s modern society and blockchain will be the key component for the next modern society.

The only question is – when we will start broadly adopting cryptocurrencies? 

Source:

https://www.worldoil.com/news/2019/5/8/data-gumbo-secures-6-million-in-series-a-funding-from-venture-arms-of-leading-international-oil-gas-companies
https://cointelegraph.com/news/blockchain-firm-raises-6-mln-from-major-energy-companies-saudi-aramco-subsidiary

Photo by Sharon McCutcheon on Unsplash