Filament Gets $15m For IoT Venture
Blockchain startup Filament has raised $15 million in funding led by Verizon Ventures and Bullpen Capital to further its Internet-of-things (IoT) venture.
The new funding round brings Filament’s total funding to $21.8 million. New investors include Intel Capital, JetBlue Technology Ventures, CME Ventures, Flex technology accelerator program Lab IX, Backstage Capital, and Tappan Hill Ventures. Previous investors Samsung NEXT, Resonant Venture Partners, and Digital Currency Group also participated.
“We have proven there is significant demand for smart, connected, secure IoT solutions among Fortune 1000 companies,” said Filament CEO Allison Clift-Jennings. “This round is all about scaling our offerings from paid pilots to large production-grade installations that impact daily operations.”
The company says proceeds from the round will be used to scale hardware manufacturing and will allow the company to develop its platform with 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.
“Filament’s technology delivers a uniquely secure and scalable solution for industrial infrastructure where connectivity is intermittent or unavailable,” said Verizon Ventures director Ed Ruth. “We look forward to supporting Filament’s growth as the team continues to build the hardware and software foundation for a decentralized IoT.”
Filament also announced that Patrick Walsh, who led the investment for Intel Capital, is joining Filament’s board of directors, as part of the deal.
“At Intel, we believe the future of IoT will be enabled by smart, connected, secure edge-devices that drive a data-based economy,” said Doug Fisher, vice president and general manager of the software and services group at Intel Corporation.
