KUALA LUMPUR – The 5ire ecosystem receives a US$100 million investment from two UK-based multi-billion US dollar conglomerate SRAM & MRAM.
At current time, 5ire’s blockchain ecosystem is valued at US$1.5 billion.
5ire is a fifth generation, level 1 blockchain network that was founded by two entrepreneurs of Indian origin, namely Pratik Gauri and Prateek Dwivedi, along with web3 financier Vilma Mattila. The three co-founders began the company nine months ago.
They were quickly able to raise a funding of US$21 million in its seed round at a valuation of US$110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, and amongst many other investors.
5ire, the first level sustainable blockchain and one of the fastest growing unicorn companies, globally welcomed the news as it is aggressively working to expand the portfolio of sustainable use cases for its blockchain, 5ireChain, in three continents where it is currently operating, and is working fast to attract the larger developer ecosystem.
Elated at the news, Dr Sailesh Lachu Hiranandani, Chairman of the SRAM & MRAM group, said, “We have great confidence in moving forward with investments in sustainable technologies.
“As an entrepreneur and a financial visionary, I have always believed in finding better ways to do things, and 5ire is committed to finding sustainable solutions for the 17 UN SDGs. We are delighted to be partnering with them in this joint-venture project.”
Similar sentiments were expressed by Pratik Gauri, CEO and Founder of 5ire, present at the Official Joint-Venture Signing Ceremony, who said, “We are thrilled to find a partner who also wants to promote our vision of ‘For-benefit’ ventures in the 5ire ecosystem to transition the world from the 4th Industrial Revolution to the 5th Industrial Revolution.
“As I always say, I feel that sustainability is not a one-time phenomenon, but a consistent development benchmark here on forward.”