Saudi's Aramco invests in US-based Data Gumbo
Source: Houston Chronicle
Blockchain-based tech startup Data Gumbo scored $4 million in a Series B funding round, drawing a second infusion of capital from a pair of oil-and-gas giants as well as a Houston-based venture firm, the company said Thursday.
The funding was lead by newcomer L37, which also has headquarters in the San Francisco Bay Area, and included Saudi Aramco Energy Ventures and Equinor Ventures. The latter two had been involved in Data Gumbo’s $6 million Series A round in 2019.
The company has raised $14.8 million since its founding in 2016.
Data Gumbo operates a network called GumboNet that uses blockchain - a secure electronic ledger - to generate so-called “smart contracts” for its industrial customers, which includes oil-and-gas, construction and mining businesses.
“Time is of the essence to capitalize on greatly increased demand for our network, and we’re making key hires to support our growing commercial success and market penetration in oil and gas and adjacent industries,” said Andrew Bruce, Data Gumbo’s chief executive and founder, in a statement.
The funding closed despite the downturn in the oil-and-gas industry caused by a drop in demand due to the coronavirus pandemic. Although some Houston-area startups have indicated raising cash is difficult now, others have been able to lure funding by showing longterm viability or providing efficiencies that can help clients survive tough times, analysts said.