Data Gumbo, Topl partner on corporate ESG metric tracking blockchain tool


SOURCE: BIZJOURNALS.COM
SEP 29, 2021

Kim Raath, founder and CEO of Topl

Two Houston-based blockchain technology companies have teamed up to create a way for corporations to track and report environmental, social and governance metrics.

The partnership between the two local tech firms — Data Gumbo and Topl — uses blockchain technology to create public, immutable reports for companies aiming to be more transparent about sustainable supply chains. The partnership is based on Data Gumbo's private blockchain network GumboNet ESG, a product focused on automated measurement of ESG metrics like emissions, vendor and customer contract validation, and more. After determining environmental and social impact with the GumboNet ESG platform, companies can then share data publicly with Topl's transparent digital ledger as a proof of compliance for key stakeholders, like investors, analysts and government agencies.

"As companies today face mounting pressure to report timely and accurate ESG data, including performance and progress, they need the right tools to collect, standardize and automate reporting while preserving security for sensitive data," said Andrew Bruce, founder and CEO of Data Gumbo. "For the first time, this partnership offers companies total control of their accurate ESG data, allowing them to publish and report metrics in whatever manner best suits them satisfying investors’, regulator agencies’ and other stakeholders’ desires."

Bruce Andrew DataGumbo

Andrew Bruce, founder and CEO at Houston-based Data Gumbo.

Tracy L. Eason

Tracking ESG metrics and maintaining ethical, sustainable business practices have become top of mind for investors, analysts, governments, executives and economic development agencies in Houston and around the world. Many corporations in the Houston metro region, including oil, gas and power companies, have publicly supported reducing their carbon dioxide emissions, transitioning from fossil fuel sources to renewable sources of energy and other ESG topics.

"This partnership combines the power of our two complementary solutions to support a new level of transparency for companies that desire to showcase their fully verifiable progress on crucial ESG metrics," said Kim Raath, founder and CEO of Topl.

This summer, Data Gumbo announced closing a $7.7 million Series B fundraising round led by Equinor Ventures, the corporate venture arm for Norwegian energy firm Equinor ASA (NYSE: EQNR). Saudi Aramco Energy Ventures, the venture capital fund for Saudi Aramco, and L37, a venture firm dual headquartered in the San Francisco Bay Area and Houston, also participated in the round.

Part of Data Gumbo's Series B raise was to go toward servicing demand for the GumboNet ESG platform. The firm also plans to establish a footprint in the Middle East to cover expected customer demand in that region.

In late 2020, Topl announced closing a $3 million seed financing round led by Houston-based venture capital group Mercury Fund. The Houston startup began with three founders from Rice University.

Similar articles you can read