Energy Giant Saudi Aramco Invests in US Blockchain Startup Data Gumbo
The investment marks the second between the two parties, following 2019’s Series A round.
US-based blockchain tech and data startup, Data Gumbo, has raised $4 million in a Series B funding round that included Saudi Aramco Energy Ventures, a subsidiary of the energy and chemicals giant, Saudi Aramco. This marks the second round of investment for the blockchain newcomer involving Saudi Aramco, the first being a $6 million Series A round in 2019.
Data Gumbo leverages blockchain technology to operate ‘GumboNet’, a network made up of electronic ledgers that generates ‘smart contracts’ for industrial heavyweights, including energy, oil-and-gas, construction and mining businesses.
Despite a rocky first half of 2020 due to the COVID-19 crisis, the startup fared well during fluctuating demand and economic downturns. With some startups struggling to raise funds more than others, analysts attribute this to the ability to provide clients and customers with efficient solutions that are equipped to help during the pandemic.
“Time is of the essence to capitalise 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 Kingdom’s been bolstering its blockchain efforts across other sectors as well, namely in fintech such as the Saudi Arabian Monetary Authority’s (SAMA) recent deployment of blockchain tech for its operations within the banking sector. SAMA is one of the handful of central banks to utilise the emerging technology for money transfers, and is a milestone move for furthering the country’s fintech efforts.
