A Houston-based blockchain company called Data Gumbo Corporation has made an announcement of securing $6 Million in a Series A equity funding round. The venture subsidiary of Saudi Aramco called Saudi Aramco Energy Ventures and the venture subsidiary of Equinor called Equinor Technology Ventures co-led the funding round.
$9.3 million is now the total funds of the company. A commercial blockchain network of the company will be expanded through the funds. The funds will not only be used for the expansion of the network, but the funds will also be used to grow the technical, sales and marketing teams.
Andrew Bruce set up the Houston-based blockchain company Data Gumbo. He is a former executive at National Oilwell Varco and MHWirth. He is also a serial entrepreneur having more than 15 years of experience in the software and energy industries. He identified an opportunity at first and then he had set up Data Gumbo. Eliminating a sizeable inefficiency between an oil supermajor and one of its suppliers was a purpose behind the opportunity identification. He is the person who has invented a blockchain solution. He has spurred for creating a Blockchain-as-a-Service (BaaS) distributed ledger network. Automating contract execution is a purpose behind the network creation.
Saudi Aramco Energy Ventures is known as the leading fully integrated energy and petrochemical company across the world. It is located in Dhahran. It has its offices in North America, Europe, and Asia. Investing in start-ups and high growth companies is a mission of the company. Equinor Technology Ventures (ETV) is a technology solution provider. Supporting small and medium enterprises (SMEs) is a purpose of the provider. The company supports them with new technologies in oil and energy.
The ETV team consists of experts from finance, mergers & acquisitions, boards, management, marketing & sales, technology development and implementation, and oilfield technologies. The focus areas of ETV are exploration, reservoir, drilling and well, production, facilities, and solutions, according to the official site of Equinor.
The Houston-based blockchain company Data Gumbo is actually known as a Blockchain-as-a-Service (BaaS) company. An Interconnected blockchain network can be created through the company. The network can be for industrial companies related to oil and gas. It is located in Houston, Texas. The subsidiary of the company is Data Gumbo AS. It has its offices in Stavanger, Norway, PR Newswire reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]