United States-based Blockchain-as-a-Service (BaaS) startup Data Gumbo announced earlier this month that it had scored $6 million in its latest Series A funding round co-led by Saudi Aramco Energy Ventures (SAEV) and Norway-based Equinor Technology Ventures (ETV).
SAEV is the corporate venture capital unit of Saudi Aramco whereas ETV describes itself as the venture subsidiary of Equino, the Scandinavian nation’s leading energy operator.
Data Gumbo began its journey in the still-nascent but thriving BaaS market with the vision of making it easier for industrial customers to manage and streamline smart contracts.
The company pitches itself as an ideal platform that big industrial enterprises, including those in the gas and oil sector, could count on for mitigating all doubts, confusions, or inconsistencies while dealing with measurements such as speed, height, weight, delivery time, quality control, volume, and so on. For those uninitiated, these parameters are usually interpreted differently by different companies, which inevitably leads to unwarranted situations including delays and disputes.
Data Gumbo’s proprietary blockchain platform resolves these inconsistencies by offering smart contracts that come with automated calculation, payments of invoice in real time with absolute transparency, automated reconciliation, and much more.
In an announcement confirming the latest updates from the Series A round, the company noted: “Customers realize savings of 5-10 percent off the top on Data Gumbo-managed contracts from a combination of fewer disputed invoices, fast-pay discounts, and performance contracts.”
Further adding: “Additionally, Data Gumbo offers a subscription model, freeing industry from building and sustaining standalone, in-house blockchain solutions with their inherent lack of interoperability and neutrality.”
With the additional funds in its kitty, Data Gumbo has found itself in a formidable position to expand its commercial blockchain network and acquire more talent for its technical, marketing, and sales teams.
