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Energy Giant Saudi Aramco Invests $6 Million in US Blockchain Company

By Chris Torres | May 11, 2019
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Energy Giant Saudi Aramco Invests $6 Million in US Blockchain Company

Leading energy firms, including Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, have announced a completion of $6 million funding in the US-based blockchain startup Data Gumbo Corp.

According to the energy-focused news outlet Worldoil on May 8, the aim of the funds is to push the development of Data Gumbo’s commercial blockchain network. Various departments will be applied the technology innovation such as technical, sales, and marketing departments at Houston headquarters and office in Stavanger, Norway.

In a Series A equity funding round, Data Gumbo achieved $6 million from co-led by Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator, bringing the total funding to $9.3 million.

Data Gumbo’s blockchain-as-a-service platform is expected to enhance oil and gas supply chains by excluding disputes and enabling automated payments, as well as decreasing reconciliation times between supply chain counterparts.

“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers,” stated Daniel Carter, Senior Investment Director at Saudi Aramco Energy Ventures. “While they have started in the energy sector, Data Gumbo’s platform has broad industrial applicability.”  

Last month, The Russian Prime Minister has reportedly shown his interest in the idea of applying blockchain into gas supply contracts, provided by Russian Gas Giant Gazprom. Alexey Miller – head of the largest supplier of gas to Europe Gazprom – has held a meeting with Russian prime minister Dmitry Medvedev to propose the idea of implementing distributed ledger technology (DLT) into the registry system.

In March, Bangchak Corporation Public Co. Limited (BCP), a petroleum refiner in Thailand, is testing and demonstrating a commercial microgrid and blockchain energy trading platform at a community shopping mall anchored by a BCP fuel station in Bangkok, reported by The Crypto Sight on Mar 11.

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