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