Saudi’s Aramco invests in US-based Data Gumbo

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