5ire is a Level 1 blockchain network that focuses on sustainability, technology, and innovation to foster the 5th industrial revolution (5IR). It empowers working groups and decentralized autonomous organizations to accelerate the implementation of the United Nations’ Sustainable Development Goals. Except for the blockchain platform, 5ire runs a venture capital arm, 5ire VC, and an R&D hub, 5ire Labs.
The funding round Series C investments came from SRAM & MRAM Group. With this round, 5ire enters the unicorn club. The capital raised will be used for team expansion and technology development. The company aims to serve businesses with its blockchain.
5ire, London, the UK, was founded by Pratik Gauri, Prateek Dwivedi, and Vilma Mattila in 2021. “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,” Pratik Gauri. 5ire plans to expand across continents including Europe, Asia, and North America, with India as the core area of focus and hub of operations. 5ire claims that it is a sustainable blockchain and it has created its validating mechanism, ‘proof-of-benefit’.