Level One Blockchain Network ‘5ire’ Raises $100M in Funding

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  • Previously, 5ire secured $21 million in a seed round with a value of $110 million.
  • The blockchain startup intends to expand its operations around the globe.

With a Series A investment of $100 million at a $1.5 billion value, Level One blockchain network 5ire has entered the unicorn club. SRAM & MRAM Group, a UK-based company, invested in 5ire, making it India’s 105th unicorn.

Since its founding in August last year, blockchain startup 5ire has accrued over a billion dollars in sales. The firm expects to generate income in November, which is now pre-revenue. Previously, 5ire secured $21 million in a seed round with a value of $110 million from private and institutional investors, including Marshland Capital, Launchpool Labs, Moonrock Capital, and others.

Plans to Focus on Indian Market

The blockchain startup intends to utilize the funds to expand its operations around the globe, including Asia, North America, and Europe. 5ire plans to preserve India as its operating base, concentrating solely on the country’s market.

It is now valued at $1.5 billion, making 5ire one of the fastest-growing blockchain unicorns in India. The corporation has developed a ‘proof of benefit’ system to ensure its blockchain remains viable. Environmental and social governance (ESG) characteristics and UN Sustainable Development Goals (SDGs) will be used to validate this system.

According to Pratik Gauri, one of the company’s co-founders, the amount of equity diluted in the company’s Series A financing was not revealed in an interview. The company’s three co-founders had significant stock in the enterprise.

To expedite the transition from 4IR to 5IR, the corporation supports decentralized autonomous organizations (DAOs) as well as other working groups. Beyond its blockchain technology, 5ire also has an R&D center in the form of its own venture capital business.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.