Filament has raised $5m in Series A funding led by Bullpen Capital and including contributions from Verizon Ventures and Samsung Ventures.
The decision by Samsung Ventures, the capital arm of consumer electronics giant Samsung, marks its first public investment in a blockchain industry firm and notably follows its participation in IBM’s blockchain proof of concept ADEPT.
Announced in January, ADEPT used the bitcoin and Ethereum networks to enable devices to communicate as part of a wider transition toward connected consumer devices known as the Internet of Things (IoT).
Co-founder and CEO Eric Jennings framed Filament as a decentralized IoT software stack that uses the bitcoin blockchain to enable devices to hold unique identities on a public ledger. By creating a smart device directory, he said, Filament’s IoT devices will be able to securely communicate, execute smart contracts and send microtransactions.
Given this vision, Jennings sees his project as similar in ethos to ADEPT, even though it will target the industrial market, enabling large firms in industries such as oil, gas, manufacturing and agriculture to unlock new efficiencies.
Jennings told CoinDesk:
“Almost all these companies have the same concern – ‘What is my IoT strategy?’ Many of these companies are good at what they build but they don’t have a lot of expertise in mesh networking or blockchains, but they know they need to connect these networks to gain efficiencies or risk going out of business.”
Filament will seek to market two hardware units: the Filament Tap, a sensor device that allows devices to communicate with phones, tablets and computers at distances of 10 miles, and the Filament Patch which extends the capabilities of the technology to custom hardware projects.
By leveraging its blockchain-based technology stack, Filament said enterprise companies can better manage physical mining operations or water flows over agricultural fields without relying on centralized cloud alternatives or pen-and-paper methods that result in human inefficiencies.
Founded in 2012, Filament was originally conceived as Scout, a wireless home security system built on mesh networking, before rebranding as Pinocc.io. After being accepted into the Techstars incubator last October, the company reemerged as Filament with a new focus on industrial use cases for connected devices.
- ^ Samsung Ventures (www.samsungventures.com)
- ^ in January (www.coindesk.com)
- ^ Ethereum (www.coindesk.com)
- ^ Filament (filament.com)
- ^ Pinocc.io (pinocc.io)
- ^ Crosslink Capital (www.crosslinkcapital.com)
- ^ Digital Currency Group (dcg.co)
- ^ Haystack (www.crunchbase.com)
- ^ Working Lab Capital (workinglabcapital.com)
- ^ Techstars (www.techstars.com)
- ^ Jabber/XMPP (www.jabber.org)
- ^ blockname (gigaom.com)
- ^ Telehash (telehash.org)
- ^ BitTorrent (www.bittorrent.com)
- ^ Pennybank (quartzjer.github.io)
- ^ Internet of Things image (www.shutterstock.com)
- ^ Blockchain Technology (www.coindesk.com)
- ^ Digital Currency Group (www.coindesk.com)
- ^ Funding (www.coindesk.com)
- ^ Internet of Things (www.coindesk.com)
- ^ Investment (www.coindesk.com)
- ^ Samsung (www.coindesk.com)