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Indian blockchain start-up 5ire joins unicorn club by securing $100M in Series A funding

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Joyashree Dey Follow

INDIA

Jul, 19 2022

Jul, 19 2022

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One of the world’s fastest growing start-ups and sustainable layer 1 blockchain network, 5ire has raised $100 million in a Series A funding round from UK-based conglomerate SRAM & MRAM.

Founded in 2021, Indian entrepreneurs Pratik Gauri and Prateek Dwivedi along with web3 financier Vilma Mattila have spearheaded the foundation of a fifth-generation blockchain network known as 5ire, which looks to boost the execution of United Nations’ sustainable development goals (SDGs) for users of its system.

The recent funding at a valuation of $1.5 billion has earned the web3 startup, unicorn status. The project has drawn a total of $121 million in investment till now. A previous seed round at a valuation of $110 million secured $21 million from notable tech investors including Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.

In an official release, Dr.? Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group, said, “We have great confidence in moving forward with investments in sustainable technologies...5ire is committed to finding solutions for the 17 UN Sustainability Development Goals. We are assured in the abilities of the leadership team at 5ire and wish them all the very best.”

5ire presents a novel use case for blockchain technology that hopes to advance practices that are lined up with United Nations SDGs. Its 5ireChain network is depicted as a first-layer, sustainability-driven, and fifth-generation blockchain.

The venture informed that it will utilize its sizable capital investment to bankroll an aggressive growth strategy to implement its set of use cases and improve services for businesses looking to use 5ireChain-based solutions.

Intending to make India its operational hub and primary focus, 5ire intends to expand in Asia, North America, and Europe as well. The fund will help 5ire to attract industry talent in areas such as product and engineering.

Pratik Gauri, CEO, and Founder of 5ire told, “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.”

India now officially has 105 unicorns, of which, this year till now 20 organizations received the coveted $1 billion valuation.


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Joyashree Dey

CBW - External Analyst

INDIA

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