Filament that provides wireless industrial network announced that it has received $15 million in new venture financing that was led by Verizon Ventures and Bullpen Capital. The startup is seeking to bring the industrial application of Internet of Technology (IoT) and blockchain technology ready for high-scale production.
The new funding round brings Filament’s total funding to $21.8 million. Other new investors in the funding round include Intel Capital, JetBlue Technology Ventures, CME Ventures, Flex technology accelerator program Lab IX, Backstage Capital, and
Tappan Hill Ventures.
In August 2015, Filament raised $5 million in Series A funding that was led by Bullpen Capital and including contributions from Verizon Ventures Crosslink Capital, Samsung Ventures, Digital Currency Group, Haystack, Working Lab Capital, Techstars, among others.
“We have proven there is significant demand for smart, connected, secure IoT solutions among Fortune 1000 companies. This round is all about scaling our offerings from paid pilots to large production-grade installations that impact daily operations,” Allison Clift-Jennings, CEO of Filament, stated.
The company said that the funding raised from the round will be utilized to scale hardware manufacturing and will allow the company to develop its platform with pinpoint GPS functionality, enabling a new generation of wide-area asset management solutions. It will also grow the platform’s smart contract capabilities and build a wider ecosystem of delivery partners.
The company also announced that it is welcoming Patrick Walsh, who led the investment for Intel Capital, to its Board of Directors, with this transaction.
Filament builds hardware and software for the Industrial Internet, allowing companies to securely connect and monitor their assets through long-range wireless networks. Leveraging blockchain technology, Filament's decentralized network stack allows any device to connect, interact, and transact value independent of a central authority.
“Filament's technology delivers a uniquely secure and scalable solution for industrial infrastructure where connectivity is intermittent or unavailable,” Ed Ruth, Director at Verizon Ventures, stated. “We look forward to supporting Filament's growth as the team continues to build the hardware and software foundation for a decentralized IoT.”
