Data Gumbo Announces Office in Kingdom of Saudi Arabia to Accelerate Regional Adoption of GumboNet Smart Contract Network

Rhea-AI Summary

Data Gumbo has launched a new office in Khobar, Saudi Arabia, to enhance its regional presence and capitalize on smart contract network opportunities. The company, backed by Saudi Aramco Energy Ventures, aims to support the $652 billion Middle East energy market. Data Gumbo reported a 550% annual revenue growth and signed 13 implementations with major industrial clients, including Equinor. Andrew Bruce, CEO, emphasized the commitment to long-term growth and offering increased access to their GumboNet smart contract network.

Positive

• 550% annual revenue growth
• Opened new office in Khobar to support regional expansion
• 13 implementations with major industrial enterprises, including Equinor
• Access to $652 billion Middle East energy market

Negative

• None.

Saudi Aramco Energy Ventures Portfolio Company Opens Regional Office in Saudi Arabia Amid Record Growth on Global Scale

HOUSTON & KHOBAR, Saudi Arabia--(BUSINESS WIRE)-- Data Gumbo, the industrial smart contract network company, today announced the launch of an office in Khobar, Saudi Arabia. The new location will accelerate regional traction with leading industrial enterprises and continue the company’s record growth on a global scale. Data Gumbo is establishing a local presence to take advantage of the regional business opportunities ripe for smart contract network adoption.

In August 2021, Data Gumbo closed $7.7 million in Series B funding with continued participation from Saudi Aramco Energy Ventures, the corporate venture capital fund of Aramco Ventures. The funding has allowed Data Gumbo to expand global operations and enable accurate, on-time and automated invoicing and payments in additional use cases and verticals. With its office in Khobar, Data Gumbo is making its smart contract network available to the $652 billion Middle East energy market and beyond.

“The Kingdom of Saudi Arabia and broader Middle East present outstanding opportunities for our company. We are committed to putting down roots, and to the long-term growth of a Data Gumbo workforce in the Kingdom and beyond,” said Andrew Bruce, CEO, Data Gumbo. “Establishing a regional office provides companies in the Greater Middle East with increased access to our smart contract network, GumboNet. The more the network grows, the more value it delivers to local and global members, as well as investors. We look forward to expanding our presence to best support demand and set the standard for how industrial organizations do business by guaranteeing transactional certainty in commercial relationships.”

Mohamed Ibrahim Marzouk, recently appointed as Data Gumbo’s Saudi Arabia Country Manager, brings more than 25 years of experience in business development leadership roles with multinational energy companies and will lead regional expansion. Powered by GumboNet™, the only network of industrial enterprises and their customers, suppliers and vendors that successfully incorporates real-time sensor level and field data to validate transactions, Data Gumbo smart contracts enable organizations to streamline operations and shorten long payment cycles. GumboNet provides a single immutable record of truth and synchronizes data across parties for complete transparency to significantly reduce transaction costs and build trust among network members.

Over the past 12 months on a global scale, Data Gumbo’s business traction is highlighted by:

• 13 implementations with leading global industrial enterprises, including global energy leader Equinor (OSE: EQNR, NYSE: EQNR), which rolled out GumboNet across its drilling and well services (IDWS) category, beginning with the Norwegian Continental Shelf
• Use cases across 10 industrial verticals
• 550% ARR growth
• 6 industry associations, including the Renewable Fuels Association (RFA), Texas Alliance of Energy Producers (TAEP), International Association of Drilling Contractors (IADC), National Waste and Recycling Association (NWRA), Blockchain in Transport Association (BiTA) and Blockchain for Energy Consortium (B4E)
• 2021 Oil and Gas Start Up Company of the Year at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) Awards Gala — the largest annual oil and gas awards event in the Middle East ​​

To learn more about Data Gumbo’s GumboNet smart contract network, please visit: https://www.datagumbo.com/gumbonet.

About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing program of Aramco Ventures a subsidiary of Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent company Aramco. www.saev.com

About Data Gumbo
Data Gumbo is the smart contract company trusted by global industrial enterprises. The only network of enterprises and their customers, suppliers and vendors that successfully incorporates real-time sensor level and field data to validate transactions, GumboNet™ reduces costs by more than 10% for all network members by automatically eliminating payment delays, disputes and complicated reconciliations.

To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco; Equinor Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator; and L37, a hybrid venture capital and private equity company. Data Gumbo is headquartered in Houston, Texas, with global offices in Stavanger, Norway, Khobar, Saudi Arabia, and London, UK. For more information, visit www.datagumbo.com or follow the company on LinkedIn, Twitter and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220301005305/en/

Media:

Jake Schuster

fama PR for Data Gumbo

datagumbo@famapr.com

Source: Data Gumbo

FAQ

What is the significance of Data Gumbo opening a new office in Khobar, Saudi Arabia?

The new office enhances Data Gumbo's regional presence, allowing it to capitalize on smart contract adoption opportunities in the Middle East.

How has Data Gumbo performed financially over the past year?

Data Gumbo reported a 550% growth in annual recurring revenue, highlighting significant business traction.

What is GumboNet and its relevance to Data Gumbo's operations?

GumboNet is Data Gumbo's smart contract network that provides enterprises with a single immutable record of truth, reducing transaction costs and payment delays.

Which major clients has Data Gumbo partnered with recently?

Data Gumbo has signed implementations with 13 major industrial enterprises, including global energy leader Equinor.

What kind of market does Data Gumbo aim to target with its new operations?

Data Gumbo targets the $652 billion Middle East energy market and looks to expand its presence in this sector.