5ire, a blockchain network has raised $100 Mn in Series A funding from UK-based conglomerate SRAM & MRAM. The funding worth $1.5 billion valuation has earned the web3 startup, unicorn status.
The company was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.
The blockchain network intends to use the capital to expand its operations and reach across three continents: Asia, North America, and Europe. It also intends to make India its operational hub and primary focus. With the fund, 5ire seeks to attract industry talent in areas such as product and engineering.
5ire had earlier raised $21 million in its seed round at a valuation of $110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and others.
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. As a scientist, I have always believed in finding better ways to do things, and 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.”
Pratik Gauri, CEO, and Founder of 5ire told BT, “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 4th Industrial Revolution to the 5th Industrial Revolution,” he added.
India now officially has 105 unicorns, of which, 20 companies received the coveted $1 billion valuation this year.
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