An Indian sustainability-based blockchain company, 5ire, has just announced that it has closed a $100 million Series A funding from UK-based conglomerate SRAM & MRAM.
Sustainable blockchain unicorn
With this, round, the total funding raised by the company is $121 million, which includes a seed round of $21 million. Also, its valuation has reached $1.5 billion, making it the fastest-growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world.
It will use the funds to expand into Asia, Europe and North America while its hub of operations and core area of focus being in India. 5ire will continue to invest in strengthening its blockchain further and work towards ensuring its decentralised technology benefits its global user base. The company also aims to hire the best talent across product, marketing and engineering teams, among others.
Speaking on the occasion, 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 said, “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. Becoming the world’s first and only sustainable unicorn born out of India, in just 11 months, is testimony that we are on the right path. 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.”
Builds 5th industrial revolution
Founded by blockchain proponents Pratik Gauri, Prateek Dwivedi and Vilma Mattila in August 2021, 5ire is a fifth generation level 1 blockchain network. The blockchain ecosystem brings forth sustainability, technology and innovation to build the 5th industrial revolution (5IR).
The mission of the 5ire ecosystem is to embed the for-benefit paradigm at the heart of blockchain, by highly incentivizing practices that align with the United Nations Sustainable Development Goals (SDGs), facilitating the transition from the 4IR to 5IR. 5ire empowers decentralised autonomous organisations (DAOs) and working groups to help accelerate the implementation of the UN’s 17 SDG goals.
The company’s primary offering is 5ireChain, a first layer, sustainability-driven 5th generation blockchain that ensures adherence to the philosophy of 5IR, creating a net positive impact on the planet and service humanity. It will rank node validators based on the number of sustainable and ESG practices they follow.
