5ire has raised $100 million at a valuation of $1.5 billion in a Series A round of funding from UK-based conglomerate SRAM & MRAM Group, becoming India’s 105th unicorn and 20th in this calendar year.
“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,” Dr. Sailesh Lachu Hiranandani, chairman of the SRAM & MRAM group, said.
Bitcoin, Litecoin, and Ethereum, for example, are level-1 blockchains.
5ire, which is still pre-revenue, expects to start generating revenue from November and hit a billion-dollar revenue mark in three years.
The startup, which was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021, has become one of the fastest Indian startups to reach a $1 billion valuation.
5ire claims to be a sustainable blockchain and has built its own blockchain validating mechanism called ‘’proof of benefit’, which works along the lines of 17 UN Sustainability Development Goals and various ESG parameters.
The start-up said that the funds raised will be utilized for business expansion and extending 5ire’s footprint across Asia, North America, and Europe, with India as the hub of operations and core area of focus.
5ire was founded by Indian-origin entrepreneurs, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021. 5ire is a blockchain ecosystem that focuses on sustainability, technology, and innovation to build the 5th industrial revolution (5IR).
The company aligned with the United Nations Sustainable Development Goals (SDGs), facilitated the transition from the 4IR to 5IR, and accelerate the implementation of the UN 2030 Agenda for Sustainable Development.
SRAM & MRAM Group was founded by Dr. Sailesh Lachu Hiranandani, in 1995. The corporation is headquartered in Edinburgh, the United Kingdom with branch offices in Cambodia, South Africa, Indonesia, Malaysia, Bahrain, Georgia, India, and Bangladesh.
5ire will continue to invest in strengthening its blockchain further and work towards ensuring this decentralized technology benefits a larger base globally.
Additionally, the company aims to hire the best talent in the industry across functions like product, engineering, marketing, etc.
5ire earlier raised a funding of $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, and Moonrock Capital, among others.