HOUSTON--(BUSINESS WIRE)--Data Gumbo, the industrial smart contract network company, today announced that it has been named as the 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.
Data Gumbo was recognized for its potential to reshape the energy industry based on its continued innovation, strong business model and the impressive impact of its global industrial smart contract network. The company was also acknowledged for its work with global energy players, including its collaboration with Blockchain for Energy to automate produced water haulage from field reading to invoice payment, and its pilot to automate production chemical delivery with a Texas-based hydrocarbon exploration company and a multinational chemical company.
“Our industrial smart contract network, GumboNet, offers the new gold standard for organizations to execute business better through guaranteed transactional certainty across commercial relationships,” said Andrew Bruce, CEO and Founder, Data Gumbo. “It’s an honor to be recognized by ADIPEC for our work and commitment to expanding our network across the global energy industry, allowing companies to eliminate the lack of trust in industrial sectors, streamline contract execution and capture significant cost savings.”
GumboNet™ is the only smart contract network that successfully incorporates real-time sensor level and field data to validate transactions and connect companies, suppliers and vendors in a secure, trusted network to eliminate 95% of payment delays, overpayments, disputes, and complicated reconciliations, saving organizations more than 10% on the cost of contract execution.
Now in its 11th year, the ADIPEC Awards honor the projects, innovators and ideas at the forefront of the energy industry’s transformation as it responds to the accelerating demand for sustainable energy and moves to a net-zero carbon future. To determine the winners, an independent jury of global energy leaders reviewed more than 700 entries from over 50 countries, handpicking the industry’s best-in-class that demonstrated digitalization, sustainability, research, innovation and more.
To read more about the ADIPEC Awards and see other winners, please visit: https://www.adipec.com/awards/
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, and London, UK. For more information, visit www.datagumbo.com or follow the company on LinkedIn, Twitter and Facebook.