Fifth-generation level 1 blockchain network 5ire announced on Friday that it raised $100 million in Series A funding, with a valuation of $1.5 billion.
5ire, which claims to be the only sustainable blockchain unicorn in the world, said the funding has been received from UK-based conglomerate SRAM & MRAM Group.
Fifth-generation level 1 blockchain network 5ire announced on Friday that it raised $100 million in Series A funding, with a valuation of $1.5 billion.
5ire, which claims to be the only sustainable blockchain unicorn in the world, said the funding has been received from UK-based conglomerate Sram & Mram Group.
The company added that the funds raised will be used 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.
5ire will continue to invest in strengthening its blockchain and work towards ensuring this decentralized technology benefits a larger base globally. The company also seeks to increase its headcount in the industry across functions such as product, engineering and marketing.
“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,” Pratik Gauri, CEO and founder of 5ire said.
SRAM & MRAM Group Chairman Dr. Sailesh Lachu Hiranandani added, “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.”
5ire had last year raised $21 million in its seed round at a valuation of $110 million with participation from both private and institutional investors such as Marshland Capital, Launchpool Labs, Moonrock Capital and others.
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