Blockchain startup receives $6 million in funding from major oil firms - including Aramco

Houston-based blockchain startup Data Gumbo Corp has raised $6 million in funding from international energy companies, World Oil writes, with Saudi's Aramco and Equinor Technology Ventures co-leading the Series A. 

Data Gumbo has created a Blockchain-as-a-Service (BaaS) platform designed for industrial customers, especially from the energy industry, to help them manage smart contracts across the oil and gas supply chain. The platform automates calculation, reconciliation and invoice payments, allegedly helping customers reduce costs by 10 per cent as well as offering improved transparency.

“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," said Andrew Bruce, CEO of Data Gumbo. "Blockchain will have a major impact on the oil and gas industry - and all global industries."

The company will use the new funds to expand its commercial blockchain network. It will also make new hires for both its Houston headquarters and Norwegian offices.