5ire Gets US$100 Million Investment From UK-Based SRAM & MRAM
Date :- July 19, 2022
KUALA LUMPUR – The 5ire ecosystem has secured a significant US$100 million investment from two UK-based, multi-billion-dollar conglomerates, SRAM & MRAM.
Currently valued at US$1.5 billion, 5ire is a fifth-generation, level 1 blockchain network founded by entrepreneurs of Indian origin, Pratik Gauri and Prateek Dwivedi, alongside Web3 financier Vilma Mattila. The company, which was established just nine months ago, quickly raised US$21 million in its seed round at a valuation of US$110 million, attracting both private and institutional investors such as Alphabit, Marshland Capital, Launchpool Labs, and Moonrock Capital.
As the first level sustainable blockchain and one of the fastest-growing unicorn companies globally, 5ire is excited about the investment, which will support its efforts to expand its portfolio of sustainable use cases for its blockchain, 5ireChain, across three continents. The company is also actively working to grow its developer ecosystem.
Dr. Sailesh Lachu Hiranandani, Chairman of SRAM & MRAM, expressed his confidence in investing in sustainable technologies. "As an entrepreneur and financial visionary, I have always believed in finding better ways to do things, and 5ire is committed to providing sustainable solutions for the 17 UN SDGs. We are delighted to partner with them in this joint-venture project," he stated.
Pratik Gauri, CEO and Founder of 5ire, also shared his enthusiasm at the Official Joint-Venture Signing Ceremony. "We are thrilled to find a partner who shares our vision of ‘For-benefit’ ventures in the 5ire ecosystem, aiming to transition the world from the 4th Industrial Revolution to the 5th. Sustainability, as I always say, is not a one-time phenomenon, but a consistent development benchmark moving forward," he said.
