5ire, a fifth generation level 1 blockchain network, has raised $100 million in Series A funding from UK-based conglomerate SRAM & MRAM.
With this round, 5ire has joined the growing list of unicorns in India and is valued at $1.5 billion.
The funds will be used for business expansion and extending 5ire’s footprint across Asia, North America and Europe, with India as the hub of operations and core area of focus. The startup will continue to invest in strengthening its blockchain further and work towards ensuring this decentralised technology benefits a larger base globally.
Additionally, the blockchain venture aims to hire the best talent in the industry across functions like product, engineering, and marketing.
5ire had earlier raised $21 million in seed round from both private and institutional investors, such as Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.
Pratik Gauri, CEO and Founder of 5ire said, “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’. The 5ire team has worked round-the-clock to develop a platform that combines both technology and processes for the benefit of humankind.”
5ire was founded in August 2021 by Indian-origin entrepreneurs Pratik Gauri and Prateek Dwivedi, along with Web3 financier Vilma Mattila. It is a blockchain ecosystem that brings forth sustainability, technology & innovation to build the 5th industrial revolution (5IR).
The mission of the 5ire ecosystem is to embed the for-benefit paradigm at the heart of blockchain by highly incentivizing practices that align with the UN Sustainable Development Goals (SDGs), therefore facilitating the transition from the 4IR to 5IR.
5ire empowers decentralized autonomous organizations (DAOs) and working groups to help accelerate the implementation of the UN’s 17 SDG goals. It assures openness, unity of purpose, and inclusivity. Thus, shaping the ethics of business and collaborations toward sustainability while providing a cross-chain environment as well as advanced governance and rewarding mechanisms for participants.