5ire, a fifth-generation level 1 blockchain network, has raised $100 million in Series A funding from UK-based conglomerate SRAM & MRAM. It is claimed that the investment makes 5ire the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world, valued at $1.5 billion. The fund raised will be utilized for business expansion and extending 5ire's footprint across three continents including Asia, North America and Europe, with India as the hub of operations and core area of focus.
Company handout
"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. We are humbled by the trust shown in 5ire by the SRAM & MRAM group and thrilled to find a partner who also wants to promote the transition of the world from the fourth industrial revolution to the fifth industrial revolution," said Pratik Gauri, CEO and founder, 5ire.
5ire empowers decentralized autonomous organizations and working groups to help accelerate the implementation of the UN's 17 SDG goals. 5ire will continue to invest in strengthening its blockchain further and work towards ensuring this decentralized technology benefits a larger base globally. Additionally, 5ire aims to hire the best talent in the industry across functions like product, engineering and marketing, claimed by the company in a statement.
"We have great confidence in moving forward with investments in sustainable technologies. As a scientist, I have always believed in finding better ways to do things and 5ire is committed to find 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," said Dr Sailesh Lachu Hiranandani, chairman, SRAM & MRAM group.
Founded by Pratik Gauri, Prateek Dwivedi and Vilma Mattila, in 2021, the missions of the 5ire ecosystem are to embed a for-benefit paradigm at the heart of blockchain, highly incentivize practices that align with the United Nations sustainable development goals (SDG), facilitate the transition from 4IR to 5IR, and accelerate the implementation of the UN 2030 agenda for sustainable development.