Industrial Blockchain Network, Data Gumbo secured $4M Series B Funding

Data Gumbo, a Texas-based industrial blockchain network, has now secured $4 million in a Series B funding round.

Data Gumbo is founded by Andrew Bruce in the year 2016. The company offers GumboNet, an interconnected industrial blockchain network with integrated real-time capabilities. The blockchain network automates, powers, and executes the smart contracts to reduce the contract leakage, enable real-time cash and free up working capital.

Andrew Bruce, CEO, and Founder, Data Gumbo, said, "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. 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."

Kemal Farid, a Partner in L37, said, "Data Gumbo is the category leader for smart industrial contracts, which is an inevitable next step in digital transformation of the oil and gas industry. There is a lack of transparency, visibility, and accuracy between counterparts of contracts that increases the costs of doing business, and this has been greatly exacerbated by the current business landscape. We look forward to applying our experience to propel the company along its journey to bring transactional certainty and cost efficiency to commercial relationships."

The round was backed by L37 with participation from existing investors, Saudi Aramco Energy Ventures, and Equinor Ventures.

The company, as of now, has plans to use the new funds for business growth, increase demand for new projects, and required global expansion.

Apart from that, the new capital will also be used to mature its massively interconnected blockchain network, GumboNet, in support of capturing increased market share across the asset-heavy and capital intensive industries, which includes mining, oil, gas, manufacturing, and construction.