5ire raises USD 100 million in Series A Funding at valuation USD 1.5 billion, turns unicorn
- Written by Telegraph Magazine
- 5ire, has received funding from UK-based conglomerate SRAM & MRAM to become the fastest growing blockchain unicorn in India and the only sustainable blockchain unicorn in the world.
- Brainchild of India-origin founders, Pratik Gauri and Prateek Dwivedi
SINGAPORE - Media OutReach - 15 July 2022 - 5ire, a fifth generation level 1 blockchain network and the world's first and only sustainable blockchain, today announced that it has raised $100 million in Series A funding from UK-based conglomerate 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, Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila, in August 2021.
5ire 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, Moonrock Capital, and amongst many other investors.
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 further and work towards ensuring this decentralised technology benefits a larger base globally. Additionally, 5ire aims to hire the best talent in the industry across functions like product, engineering, marketing etc.
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."
5ire is a blockchain ecosystem that brings forth Sustainability, Technology & 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), therefore facilitating the transition from the 4IR to 5IR. 5ire empowers decentralized autonomous organizations (DAOs) and working groups to help accelerate the implementation of the UN's 17 SDG goals. It assures openness, unity of purpose, and inclusivity. Thus, shaping the ethics of business and collaborations toward sustainability while providing a cross-chain environment as well as advanced governance and rewarding mechanisms for participants.
The issuer is solely responsible for the content of this announcement.
About 5ire:
5ire is a blockchain ecosystem that focuses on sustainability, technology and innovation to build the 5th industrial revolution (5IR). Founded by blockchain proponents Pratik Gauri, Prateek Dwivedi and Vilma Mattila in August 2021, the missions of the 5ire ecosystem are to embed a for-benefit paradigm at the heart of blockchain, highly incentivise practices that align with the United Nations Sustainable Development Goals (SDGs), facilitate the transition from the 4IR to 5IR, and accelerate the implementation of the UN 2030 Agenda for Sustainable Development. 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.
For further information, visit its website at https://www.5ire.org.
About SRAM & MRAM Group:
SRAM & MRAM Group is the brainchild of Dr. Sailesh Lachu Hiranandani, and founded in 1995. Chairman Dr.Sailesh Lachu Hiranandani, holds a Ph.D in Financial Management from UK , is a visionary with a steadfast background in Financial and Risk management in Hedge Funds and Forex Managements. His career started with commodity trading in India and Cambodia and gradually entered FX hedging and rollovers from Tokyo, Hongkong and Singapore. During this time, the world currency markets were rapidly fluctuating and he wanted a reliable system to manage the USD against GBP, EURO and JPY. This led to his acquiring considerable skills in both Financial and the Information Technology market.
Assisted by an able team of Information Technology and Forex associates, he set up what is today, after two decades, a global conglomerate with 8 international alliances, 10 companies,5 continents, 35+ locations, 300+ employees with a sales turnaround of USD 800 Million (FY 2017-2018). The corporation is headquartered in Edinburgh, United Kingdom with branch offices in Cambodia, South Africa, Indonesia, Malaysia, Bahrain, Georgia, India and Bangladesh. For further information, please visit https://srammram.com.
