American Blockchain Startup Raises $6 Million From Major Energy Companies

One American blockchain startup named Data Gumbo Corp. is in the latest cryptocurrency news for raising $6 million from major energy companies which include the names of the venture wing of the Saudi Arabian national petroleum and natural gas company Saudi Aramco. First published by the energy-focused news outlet Worldoil yesterday, the news quickly went viral.

The Series A equity funding round saw the American blockchain startup Data Gumbo raise $6 million from companies such as the Saudi Aramco Energy Ventures (which is a subsidiary of Saudi Aramco) as well as Equinor Technology Ventures (venture subsidiary of Norway’s multionational energy operator known as Equinor). The new investments will total the Data Gumbo’s funding round to $9.3 million.

As the reports show, the funds will be used for developing the commercial blockchain network and further improving the technical, sales and marketing teams. The American blockchain startup’s blockchain-as-a-service (BaaS) is said to improve oil and gas supply chains by eliminating any disputes and enabling automated payments while decreasing reconciliation times between its supply chain counterparts.

As the Senior Investment Director at Saudi Aramco Energy Ventures Daniel Carter said:

“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers.”

Right now, the American blockchain startup is preparing to start the development.

“We enabled the first application of blockchain technology in the offshore drilling industry and will continue to break new ground with applications of BaaS to improve the bottom line of companies of all sizes. Blockchain will have a major impact on the oil and gas industry – and all global industries – and we will lead the charge in its broad adoption for sweeping operational improvements,” said Andrew Bruce who is the CEO of Data Gumbo.

Besides this American blockchain startup, there are many other successful startups which have been featured in many best cryptocurrency news sites. Except the US, Russia has also welcomed an initiative to use blockchain in agreements over gas supplies directly by the country’s state-owned gas giant Gazprom.

In the United States, seven global oil and gas firms partnered to form the Oil & Gas Blockchain Consortium – in an initiative that intends to conduct proofs of concept and explore and apply the benefits of blockchain technology and contribute to its global adoption.