Data Gumbo, creators of an industrial blockchain network, today announced the first close in its Series B funding round of $4 million led by new investor L37, a Bay Area and Houston-based venture capital company, with return investments from Equinor Ventures, the venture subsidiary of Equinor, and Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco.
Based on sales pipeline growth, increased demand of new projects and required global expansion, Data Gumbo has executed this first close of its Series B. Additionally, the capital will be used to mature its massively interconnected blockchain network, GumboNet in support of capturing increased market share across asset-heavy and capital-intensive industries including oil & gas, construction, mining and manufacturing. Data Gumbo’s funding totals $14.8 million to date.
“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 & gas and adjacent industries,” said Andrew Bruce, CEO and Founder, Data Gumbo. “This funding will solidify Data Gumbo’s leadership position realizing transactional certainty through smart contracts. We are thrilled to partner with L37 and their expert team to apply our network to solve problems and generate value for our customers in this considerably difficult environment.”
In the current global business environment, it’s imperative that industry frees up working capital and reduces inefficiencies to cut costs and streamline operations. As a network of companies, customers, suppliers, and vendors, GumboNet enables participants to reduce contract leakage, free up working capital, improve cash and financial management, and deliver material provenance through the deployment of blockchain-powered smart contracts.