As 2019 comes to a close, Data Gumbo is proud to reflect on all that unfolded this past year. We witnessed significant traction over the last 12 months including a $6 million series A funding round in May, adoption by major oil & gas companies and expansion into the construction vertical.
Other events that contributed to escalating momentum includes new team members in both Norway and Houston offices with Michael Matthews, Industry Principal; Meghan Onufrow, VP Product Delivery and Meghan McGee, Financial Controller among these additions.
“Industry has long struggled with corroborating a physical reality with executable contractual terms,” said CEO Andrew Bruce. “Our blockchain network provides a single source of truth that automates smart contracts that unlock savings and efficiencies. In 2020, the network will expand into construction, insurance, materials provenance and other supply chain areas. We look forward to solidifying our position as the preferred industrial blockchain network.”
Much of 2019’s momentum is attributed to a water haulage pilot program with the OOC Oil & Gas Blockchain Consortium, a group of 10 major players including Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Marathon, Noble Energy, Pioneer Natural Resources, Repsol and Shell; an implementation in commodities freight forwarding with Murphy Global Logistics; and smart contract execution in sustainable water solutions with Antelope Water Management.
With technology that affords security and certainty of data, GumboNet provides cost savings that empowers companies to automate contracts. As we continue building a trusted transactional network for tomorrow’s industrial leaders, we look forward to a terrific 2020!