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