The first, and larger, was a $25MM Series C round raised by GoExpedi followed swiftly by the announcement of a $4MM Series B round for Data Gumbo.

• GoExpedi: One of our favorite innovators in the space, who presented at our Supply Chain Forum on July 16th, have developed a modern, integrated procurement platform which delivers many of the e-commerce benefits we are used to in our daily consumer lives into the historically sleepy oilfield distribution business. Some of the key benefits of the platform are 1) the ability to see purchasing activity in near real-time across operations, 2) streamlined logistics and transportation of parts and supplies and 3) analytics around the usage and reliability of various parts. The most recent capital raise was led by Top Tier Capital Partners and brings total funding to $75MM, allowing the company to deepen their market penetration in key oil and gas markets and expand into adjacent markets.

• Data Gumbo (not yet presented): Is a block-chain based innovator focused on improving the efficiency and speed of transaction management within the energy space. The company is earlier in their product development than GoExpedi, but has had pilots focused in water-hauling, capital projects and real-time LOE management. The latest funding round - a $4MM Series B - led by L37, follows prior investments by Aramco Energy Ventures and Equinor Ventures.

We believe that these two funding events speak to the needs for a more modern approach for the industry towards procurement and transaction visibility. Many of our conversations with members in this area have focused on the issue of tracking expenditures, equipment and validating purchase orders at the field level. It is also the reason we dedicated a forum specifically to the topic earlier this year. Additionally, the fact that we are seeing fairly large capital injections coming into the energy technology space at this point in the cycle is a positive signal for those who may be concerned about the survivability of some of the smaller innovators in a space dominated by large incumbents like MRC, DNOW and SAP, to name a few.