5ire receives funding from Britain’s SRAM & MRAM group to become the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world The brainchild of Indian-origin founders Prateek Gowri and Prateek Dwivedi
5ire, the fifth-generation Level 1 blockchain network and the world’s first and only sustainable blockchain, announced today that the company has raised $100 million in Series A funding from UK group SRAM & MRAM.
This investment makes 5ire the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world, valued at $1.5 billion. 5ire was founded by Indian-origin entrepreneurs Prateek Gauri and Prateek Dwivedi in August, 2021, along with Web3 financier Vilma Mattilla.
5ire raised $21 million in funding at a $110 million valuation in its seed round, from both private and institutional investors such as Alphabet, Marshland Capital, Launchpool Labs, Moonrock Capital and many others.
The funds will be used to enhance 5ire’s operations and business expansion across the three continents of Asia, North America and Europe, with India remaining as the hub of operations and core region.
5ire will continue to invest in strengthening its blockchain and work to ensure a large number of customers around the world benefit from this decentralized technology. Also 5ire aims to recruit the best talent in the industry across functions like product, engineering, marketing etc.
On this occasion SRAM & MRAM Group Chairman Dr. Shailesh Lachu Hiranandani said, “We believe in leading the way with investments in environment-friendly technologies. As a scientist I always believe in finding better ways of doing things and 5ire is committed to finding solutions to the 17 UN Sustainable Development Goals. We are confident in the ability of 5ire’s leadership team and wish them the best.”
Pratik Gowri, CEO and Founder of 5ire said, “We are on a mission to weave sustainability into blockchain and are transforming our operations from ‘for-profit’ to ‘for-profit’. 5ire’s team works continuously to develop a platform, which integrates both technology and processes for the benefit of mankind.
Becoming the world’s first and India’s only Sustainable Unicorn in just 11 months is proof that we are leading the way. We are proud of the trust that the SRAM & MRAM Group has placed in 5ire and are delighted to have a partner who wants to promote the world’s transformation from the 4th Industrial Revolution to the 5th Industrial Revolution.”
5ire is a blockchain ecosystem, integrating sustainability, technology and innovation for the 5th Industrial Revolution (5IR). 5ire Ecosystem’s mission is to incorporate operations for profit at the heart of blockchain, using highly incentivized methods consistent with the United Nations’ Sustainable Development Goals (SDGs).
As a result, the transition from 4IR to 5IR will be facilitated. 5ire enables decentralized autonomous organizations (DAOs) and working groups to help accelerate the implementation of the United Nations’ 17 SDG goals.
This ensures openness, unity of purpose and inclusiveness. So when businesses and engagement ethics are shaped towards sustainability, a crotch-chain environment as well as advanced governance and partnerships provide beneficial arrangements.