FILAMENT Gets $5 Million In Funding, Seeks To Develop New BlockChain Technology For Businesses

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Filament, a well-known Internet of Things (IoT) and ad-hoc mesh networks Developer, has closed the Series A funding of $5 million that’s led by Bullpen Capital. Other participants in this funding include some of the prominent names like Techstars, Crosslink Capital, Verizon Ventures, Samsung Ventures, Haystack, Digital Currency Group, Working Lab Capital and other existing investors.

Filament cited in a recent press release that with fast-paced development in the industrial internet, companies tend to rely more and more on Machine-to-Machine (M2M) communication to collect and analyze data from various sources. The company is looking forward to developing new blockchain technologies that will help the businesses operating standalone sensor networks in any environment. With such sensor networks, businesses don’t need to upgrade to a higher level infrastructure and link to cloud services.

In today’s time, the sensors that are used in distant industrial areas cannot rely entirely on external internet connectivity. Filament’s wireless sensor devices can be used in such areas for a secure communication. They don’t require any external internet source to establish connectivity with each other. With a total battery life of up to 20 years, these sensors called Taps can talk with other sensors located up to 10 miles away.

The best part about these sensors is the cost. No sensor costs more than $25. If they are ordered in high volumes, the average price comes down to $10-$12 per tap. With the help of Series A funding, the Filament will look forward to developing Taps that are more secure, powerful and reliable.

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