An ambitious sustainability-based blockchain project has secured $100 million in a Series A funding round to drive its development.
Indian entrepreneurs Pratik Gauri and Prateek Dwivedi have spearheaded the foundation of a fifth-generation blockchain network known as 5ire, which looks to incentivize the implementation of United Nations' sustainable development goals (SDGs) for users of its system.
The project has now attracted a total of $121 million in investment. A seed round secured $21 million from notable tech investors, including Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital.
A subsequent series A fundraising round secured a $100 million investment from UK-based conglomerate SRAM & MRAM. 5ire intends to expand its business into Asia, North America and Europe in addition to its operations center in India.
5ire presents a novel use case for blockchain technology that looks to promote practices that are aligned with United Nations SDGs. Its 5ireChain...
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