Tuesday, May 7, 2019

Data Gumbo Grabs $6M For Blockchain-Enabled Industrial Supply Chain

Houston-based < href="https://www.datagumbo.com">Data Gumbo, a startup which is applying blockchain technology to the industrial and oil and gas markets, has raised $6M in a Series A funding round. The funding was co-led by Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of energy giant Equinor. Blockchain is the underlying technology used in Bitcoin and other cryptocurrency, but also has applications in distributed data and information storage. According to Data Gumbo, it is developing a "massively interconnected" blockchain network for industrial companies, specifically for storing contract and supply chain information, for regulatory and asset management, and other efforts. The company says it is initially focusing on oil and gas, but eventually plans to expand to a "multitude" of global industrial markets. The startup is led by founder and CEO Andrew Bruce.