Filament, an American startup that leverages blockchain technology for a decentralized Internet of Things (IoT), announced Tuesday it has raised $5 million in a Series A funding round led by Bullpen Capital.
Participants in the round included Crosslink Capital, Digital Currency Group, Haystack, Samsung Ventures, Techstars, Verizon Ventures and Working Lab Capital.
“As the industrial internet continues to proliferate, companies rely on machine-to-machine communications to gather and analyze data from physical objects,” said Filament in a press release, adding that the company “is developing new blockchain technologies that will allow businesses to easily deploy and operate standalone sensor networks with existing infrastructure, in any environment, with or without the cloud.”
With offices in Reno, Denver and San Francisco, Filament’s mission is to give industrial firms a secure, large-scale distributed wireless sensor infrastructure using long-range, low-power radios. The startup said its networks include hardware devices known as “Taps,” which have embedded environmental sensors, USB and GPIO (general-purpose input/out) for expanded sensor or machine control and feature hardware cryptographic chips for secure accessibility