2022: Year in Review
A fresh new year brings opportunities. It is enticing to focus on future planning, laying out the details of what’s next and how to make an even bigger impact moving forward. Planning for the next level can be so enticing that we forget to appreciate the accomplishments made in the past year.
Recognizing where you started and how far you have come is just as important as planning out those next steps and goals for the upcoming year. With this in mind, we are taking time to recognize the positive impacts we made in the industry for 2022.
In January 2022, Equinor chose Data Gumbo’s smart contract network to enable transactional certainty across their drilling and well services (IDWS) category. By October of 2022, Equinor was able to recognize expanded efficiencies—eliminating 95% of payment delays, invoicing errors, disputes, and complicated reconciliations—allowing an increase in focus on drilling safety and sustainability,
By the end of Q1 2022, we opened our doors for business in Saudi Arabia, making our smart contract network available to the Middle East energy market. Expanding our global operations supports industrial enterprises and their broader business networks to transact efficiently and transparently.
Continuing the pace, we launched GumboStore, the first industry-grade smart contract marketplace. GumboStore offers an array of smart contract templates that are simple and easy to deploy to meet the needs of network participants with no coding or development required.
To further educate on the ease of implementing and using smart contracts, we crafted a how to get started webinar that walks users through how to set up their first smart contract in GumboNet. We also provided a smart contract checklist to help ensure you have all the data necessary to execute your own smart contract.
In the second half of 2022, we secured $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. With the additional funding, we intend to expand its reach, helping any organization that captures field data today to streamline their back office processes and realize time and cost savings.
October 2022 was buzzing with the news IADC certified Data Gumbo’s smart contract network, expanding benefits to automate the IADC daywork and turnkey contracts aimed at improving drilling industry performance by drastically reducing time spent on back-office administrative tasks—freeing more time for ensuring rigs are executing operations safely and efficiently.
2022 was a year of expansion, making smart contracts more readily available and easier to implement for the energy sector globally. We are excited about what’s to come at Data Gumbo as we continue to build upon this momentum in 2023.