Filament, a Nevada- based industrial provider that focuses on Internet of Things (IoT) applications aims to create smart industrial infrastructure by connecting existing machinery, equipment and assets to a wireless network, closed $5 million in a Series A funding.
The investment was led by Bullpen Ventures along with Verizon Ventures, Crosslink Capital, Samsung Ventures, Digital Currency Group, Haystack, Working Lab Capital and Techstars.
The chief executive officer and co- founder of Filament, Eric Jennings stated that the IoT devices of the company will be able to securely communicate, execute smart contracts and send microtransactions.
He explained, “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 is built on a distributed platform of blockchain by leveraging open protocols which includes Telehash, JOSE, TMesh and BitTorrent.
Duncan Davidson, partner at Bullpen Capital expressed his excitement, “We are very excited about Filament, as it is building essential parts of the future Internet of Things ecosystem.
Their vision goes well beyond the idea that IoT is just more connected devices a scalable architecture. It’s about connecting trillions of things in a secure and trusted way, without crushing the networks.”
Filament is developing new blockchain technologies that will enable the industrial companies to deploy and operate standalone sensor networks with the existing infrastructure, in any environment, with or without the cloud.
Other investors have also expressed their enthusiasm on working with Filament.
Director of Verizon Ventures, Ed Ruth stated, “Smart factories, smart farming, and smart cities are the next frontier – all with the promise of greater efficiency automation, and intelligence. I look forward to working with Filament to explore the myriad of possibilities their new technology has opened up.”
Ryan Selkis, director of Investments at Digital Currency Group noted, “The Internet of Things could be one of the largest and most exciting verticals for blockchain technology in the coming years.
Rather than operating on expensive and soloed legacy infrastructure, we believe connected devices will only realize their full potential if they operate on a secure, distributed, and interoperable network like the blockchain’s.
We are thrilled to invest in Filament and help the tea, implement their vision of decentralizing the Internet of Things.”
At the start of this year, Samsung Networks and IBM partnered to start working on the same purpose and aims to develop a system which relies on the blockchain to create a decentralized ‘Internet of Things.’