SalesTech Star

Data Gumbo Secures $4M in Series C Funding to Advance Transactional Certainty Among Enterprises

Leading smart contract network provider expands the reinvention of the finance ecosystem through IIoT data and state-of-the-art digital ledger technology

Data Gumbo, the leading smart contract solution provider, announced the closing of $4M in Series C equity funding 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.

“The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will continue the momentum for the Data Gumbo’s smart contract network.”

Read More: Utmost Named “Market Leader” In 2022 VMS Technology Advisor Report

This funding round follows a year of impressive growth for Data Gumbo, which has introduced the first ever Smart Contract Marketplace housing over forty smart contract templates ready to be deployed for immediate reduction in transactional friction and grown to over 180 enterprises participating in Data Gumbo’s smart contract network.

“We have continued to lead the way in the adoption of smart contracts for industrial use,” said William Fox, Chief Executive Officer of Data Gumbo. “The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will continue the momentum for the Data Gumbo’s smart contract network.”

By tapping into existing IIoT data sources to trigger confirmation and payment automation of contractual commercial terms, organizations are able to eliminate the time-consuming process of validating invoices and transactions and fully automating the procure-to-pay and order-to-cash processes.

Read More: SalesTechStar Interview with Lara Menendez, Product Director and Member of the Executive Board at Empathy.co

IIoT data is used in more industries than energy and with the additional funding, Data Gumbo plans to expand its reach, helping any organization who captures field data today to streamline their back office processes and realize time and cost savings.

“While we started in energy, we already have value for bulk commodity haulage, trucking and shipping, with plans to parlay our momentum into other global industries,” comments Andrew Bruce, Founder of Data Gumbo. “Wherever two or more organizations share a contractual relationship that can be verified with a digital source of data, opportunities abound to realize efficiencies and cost savings utilizing our blockchain network.”

Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.