The capital arm of consumer electronics giant Samsung, the selection by Samsung Ventures, follows its involvement in IBM’s blockchain proof of concept ADEPT and marks its first public investment in a blockchain business business.

By developing a device directory that is smart, he said, the IoT apparatus of Filament will soon have the ability to securely communicate, do contracts that are smart and send trade.

Given this vision, Jennings sees his job as similar in ethos to ADEPT, despite the fact that it’s going to target the industrial marketplace, empowering companies that are big in sectors like gas, petroleum, production and agriculture to unlock new efficiencies.

Filament will seek to promote the Filament Harness two hardware units, a detector apparatus that enables devices to speak with computers, tablet computers and telephones at distances of 10 miles, and the Filament Patch which expands the abilities of the technology to custom hardware jobs.

By leveraging its blockchain-established technology stack, Filament said business businesses can better handle water streams or physical mining operations over agricultural fields without relying on focused cloud options or pencilandpaper procedures that result in inefficiencies that are human.

Founded in 2012, Filament was initially imagined as Lookout, a wireless home security system constructed on mesh networking, before rebranding as Pinocc.io. Last October, after being taken in the Techstars incubator, the organization reemerged with a fresh focus on industrial use cases for connected devices as Filament.

Crosslink Capital, Digital Currency Group, Haystack, Working Laboratory Capital and Techstars were also portion of the Show A fundraising. With the funds, Jennings said as it proceeds toward rolling out its hardware apparatus in Q4 2015 Filament intends to scale its team from 15 to 30 workers.