Leading smart contract network provider expands the reinvention of the finance ecosystem through IIoT data and state-of-the-art digital ledger technology.
Data Gumbo, the leading smart contract solution provider, announced today the closing of $4M in Series C equity funding co-led by Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway's leading energy operator.
This funding round follows a year of impressive growth for Data Gumbo, which has introduced the first-ever Smart Contract Marketplace housing over forty smart contract templates ready to be deployed for immediate reduction in transactional friction and grown to over 180 enterprises participating in Data Gumbo's smart contract network.
"We have continued to lead the way in the adoption of smart contracts for industrial use," says William Fox, Chief Executive Officer of Data Gumbo. "The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will continue the momentum for Data Gumbo's smart contract network."
By tapping into existing IIoT data sources to trigger confirmation and payment automation of contractual commercial terms, organizations are able to eliminate the time-consuming process of validating invoices and transactions, and filly automating the procure-to-pay and order-to-cash processes.
IIoT data is used in more industries than energy and with the additional funding, Data Gumbo plans to expand its reach, helping any organization that captures field data today to streamline their back office processes and realize time and cost savings.
"While we started in energy, we already have value for bulk commodity haulage, trucking and shipping, with plans to parlay our momentum into other global industries," comments Andrew Bruce, Founder of Data Gumbo. "Wherever two or more organizations share a contractual relationship that can be verified with digital source of data, opportunities abound to realize efficiencies and cost savings utilizing our blockchain network."
Investor quotes:
"Distributed ledger technologies bring win-win efficiencies between industrial companies and their suppliers and Data Gumbo is at the forefront of introducing this innovation," said Frank Andrasco, Senior Investment Director, SAEV. "While they have started in the energy sector, Data Gumbo's platform has broad industrial applicability."
"Over the past two years, through our internal and external efforts, we have learned a great deal about how distributed ledger technology enables efficiencies and cost savings in our operations. We believe now is the 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," said Gareth Burns, VP Equinor Ventures.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, the world's leading fully integrated energy and petrochemical enterprise. Headquartered in Dharhran with offices in North America, Europe, and Asia, SAEV's mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent. For more information visit www.saev.com.
About Equinor Ventures
Equinor Ventures (EV) supports small and medium enterprises (SMEs) with exciting new technologies in oil and energy—and in turn, helping Equnor to be the world's most carbon-efficient oil and gas producer with a developing renewable business. For more information, visit www.equinor.com.
Media Contacts
Heather O'Connor
heather.oconnor@aaramcoservices.com
Saudi Aramco Energy Ventures
Hasting Stewart
hstew@equinor.com
Equinor
