Filament

About Filament

Filament established its position by developing blockchain-based systems tailored for the Industrial Internet of Things (IIoT) and enterprise sectors. Founded in 2012 by Eric Jennings and Jeremie Miller, the company was originally known as Pinoccio and initiated its journey with a crowdfunded project for DIY enthusiasts before shifting its focus to the industrial market. The company's vision, driven by CEO Allison Clift-Jennings, was to enable connected physical machines to have economic capabilities, a concept that formed the foundation of Filament's technology. Clift-Jennings, who has a two-decade history in tech startups, guided the company through critical growth phases, including fundraising cycles.

Filament's core business revolves around providing a decentralized IoT stack, which includes both hardware and software, allowing industrial devices to connect, interact, and transact securely without a central authority. Its product lineup featured the Blocklet Chip, a secure hardware solution that enables devices to interact natively with various blockchain technologies like Ethereum and Hyperledger. This technology allowed for the creation of new business models, such as enabling recurring revenue streams from physical devices by authorizing access to infrastructure and data via the blockchain. The hardware offerings included 'Taps,' which were sensor devices, and 'Patches,' a surface-mount module for embedding into other hardware, both capable of long-range communication.

The company's business model focused on empowering large Fortune 1000 companies in sectors like automotive, manufacturing, and oil and gas to build new services on a trusted, decentralized platform. For instance, Filament worked with a major European automotive OEM to make their vehicles blockchain-native, enabling new leasing structures and extended warranties based on the vehicle's verifiable history. The firm raised a total of $39.8 million over 10 funding rounds, with its Series A led by Bullpen Capital and including investors like Verizon Ventures and Samsung Ventures. However, despite its developments, the company is now listed as out of business as of February 2020.