Saudi's Aramco invests in US-based Data Gumbo

We show you our most important and recent visitors news details Saudi's invests in US-based Data Gumbo in the following article

Hind Al Soulia - Riyadh - Saudi's Aramco invests in US-based Data Gumbo

News • 27 September, 2020

Edit

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.

These were the details of the news Saudi's Aramco invests in US-based Data Gumbo for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Wamda and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Saudi Arabia’s Farasan Islands, the place to beat the winter blues
NEXT MoU signed to launch AI center for energy in Saudi Arabia