Bitcoin IoT Startup Filament Nets $9.5 Million in New Funding

Blockchain IoT startup Filament has almost completed a fresh round of fundraising.

Feb 23, 2017 at 10:00 a.m. UTC
Updated Sep 11, 2021 at 1:06 p.m. UTC

Blockchain IoT startup Filament has raised nearly $9.5m in new funding, according to a filing submitted to the SEC late last year.

The documents indicate that the Nevada-based company has raised $9,477,226 so far – a move that comes less than two years after finalizing a $5m Series A round with backing from groups like Bullpen Capital, Verizon Ventures and Samsung Ventures.

The filing further suggests that Filament is attempting to raise a larger amount, though the final fundraising target is not stated.

A different filing from January 2016 reveals that the startup had raised $775,000 at that time, suggesting that the bulk of the funds have been raised in the past 12 months.

When reached for comment, a representative of the firm said that the funding round is expected to be closed by the end of February, and that more details would be forthcoming.

Filament is one of a number of startups in the space aiming to apply cryptocurrencies and blockchain to the world of interconnected devices: the Internet of Things, or IoT.

As co-founder and CEO Allison Clift-Jennings told CoinDesk following the Series A round, the startup is looking to leverage the bitcoin blockchain as a way to create unique identifiers for specific devices.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Filament.

IoT devices image via Shutterstock

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.