Data Gumbo, a Houston, TX-based industrial blockchain network, held the first close in its Series B funding round of $4m.
The round was led by new investor L37, with return investments from Equinor Ventures, the venture subsidiary of Equinor, and Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco.
The company intends to use the funds for sales pipeline growth, increased demand of new projects and required global expansion. Additionally, the capital will be used to mature its massively interconnected blockchain network, GumboNet™, in support of capturing increased market share across asset-heavy and capital-intensive industries including oil & gas, construction, mining and manufacturing. Data Gumbo’s funding totals $14.8m to date.
Led by Andrew Bruce, CEO and Founder, Data Gumbo provides GumboNet, an interconnected industrial blockchain network with integrated real-time capabilities that power, automate and execute smart contracts to reduce contract leakage, free up working capital, enable real-time cash and financial management and deliver provenance at speed, visibility and transparency.
The company has a subsidiary office in Stavanger, Norway.