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5ire, a blockchain-based sustainable distributed computing platform has raised $100 million in series A round funding from UK-based SRAM & MRAM at the valuation of $1.5 Billion.
The company plans to use the raised funds for business expansion and for extending its footprint across 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 decentralized technology benefits a larger base globally. Additionally, 5ire aims to hire the best talent in the industry across functions like product, engineering, marketing, etc,” the statement said.
5ire had 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, Moonrock Capital, and many other investors.
Speaking on investing in 5ire, Dr. Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group has 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.”
Commenting on the funding round, Pratik Gauri, CEO & Founder of 5ire has 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,” Gauri further added.