going abroad

Houston-based industrial blockchain business opens new office in the Middle East

Data Gumbo, founded and led by Andrew Bruce, has announced a new international office. Photo courtesy of Data Gumbo

After years of growing in the Middle East, a Houston company has announced its new office location to better serve its global clients.

Data Gumbo, which created an industrial smart contract network, is opening an office in Khobar, Saudi Arabia that will give the company new regional business opportunities to continue international adoption of its blockchain network.

Last August, Data Gumbo closed its series B funding round totaling $7.7 million and announced its plans to expand in the Middle East. The round included follow-on investments led by Equinor Ventures and participation from Saudi Aramco Energy Ventures and Bay Area and Houston-based venture firm L37. The round's first close was announced in September 2020 at $4 million.

The new Khobar office, will set up Data Gumbo to tap into 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,” says Andrew Bruce, CEO of Data Gumbo in a news release.

“Establishing a regional office provides companies in the Greater Middle East with increased access to our smart contract network, GumboNet," Bruce continues. "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.”

The company named Mohamed Ibrahim Marzouk as its Saudi Arabia Country Manager. He has over 20 years of experience in business development leadership roles with multinational energy companies and will lead regional expansion of Data Gumbo's technology, GumboNet — a smart contract automation network that reduces contract leakage, frees up working capital, enables real-time cash and financial management, and quickly and accurately delivers provenance.

In addition to triple-diget growth year over year, Data Gumbo also recently celebrated being named named the Oil and Gas Start Up Company of the Year at the Abu Dhabi International Petroleum Exhibition and Conference Awards Gala — the largest annual oil and gas awards event in the Middle East.

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Building Houston

 
 

VR training startup, HTX Labs, has raised funding from an outside investor for the first time. Courtesy of HTX Labs

HTX Labs, a Houston-based company that designs extended reality training for military and business purposes, announced last week that it has raised its first outside capital.

The company has received a $3.2 million investment from Cypress Growth Capital. Founded in 2017, HTX Labs — developer of the EMPACT Immersive Learning Platform — has been granted funding from the Department of Defense as well as grown its client base of commercial Enterprises. The platform uses virtual and extended reality that "enables organizations to rapidly create, deploy, measure, and sustain cost-effective, secure, and centralized immersive training programs, all within engaging, fully interactive virtual environments," per a news release.

“We have been looking to secure outside capital to accelerate the growth of our EMPACT platform and customer base but we hadn’t found the right partner who provided an investment vehicle that matched our needs,“ says HTX Labs CEO Scott Schneider in the release. “We found everything we were looking for in Cypress Growth Capital. They have a non-dilutive funding model that aligns with our capital expectations and have the level of experience that really makes this smart money.

"Cypress has a decade-long track record of success in helping emerging software and services companies achieve scale," he continues. "It is clear that the team’s collective entrepreneurial and operating experience will be of tremendous benefit to us as we focus on expanding our customer base in a very intentional way.”

The fresh funding will go toward growing and scaling the company's operations — both within the current Department of Defense and expansion opportunities into key commercial markets, like heavy industry, manufacturing, and higher education. Additionally, the funding will support increased customer adoption.

“Scott and his team have built an exceptional business that is poised for dramatic growth,” says Cypress Partner Pat McCaffrey in the release. “HTX Labs’ modern, immersive training solution provides clients with a force multiplier for modernizing training and an unmatched ROI.”

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