5ire, a fifth-generation blockchain network, has raised $100 million in a “Series A” funding round from UK-based conglomerate SRAM & MRAM. With a valuation of $1.5 billion, the start-up has become India’s 105th unicorn. 5ire is a blockchain ecosystem that brings forth sustainability, technology, and innovation to build the fifth industrial revolution (5IR). It aims to embed the for-benefit paradigm at the heart of the blockchain, it aligns with the United Nations Sustainable Development Goals (SDGs).
Check out the tweet from the official handle of 5ire here:
In just a matter of months, 5ire became one of the world's fastest unicorns 😍 #5ireTurnsUnicorn
— 5ireChain (@5ireChain) July 17, 2022
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.”