As per an insider, the startup will use this funding to solidify its tech infrastructure, expand and strengthen its workforce, expedite product development and boost its marketing efforts.
Blockchain-powered sustainability startup 5ire has secured an investment of $10 mllion in a private sale round which included some well-known VCs and HNWIs, according to official reports.
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As per a statement in the release, Sanctum Global Ventures, Marshland Capital, Alphabit, Launchpool, Moonrock Capital, Magnus Capital, and Oracles Investment Group participated in the funding round, along with 25+ other renowned blockchain VCs.
As per an insider, the startup will use this funding to solidify its tech infrastructure, expand and strengthen its workforce, expedite product development and boost its marketing efforts. A part of the fund will also be allocated for expanding the 5ire ecosystem itself.
5ireChain claims to be a tier 1 high-performance distributed computing platform with lavish runtime functionalities oriented towards sustainability at the consensus level. Its technology stack offers protocol-level SDG oracles, cross-chain interoperability, Metaverses, WebAssembly and EVM smart contracts, real-time economy data collection, telemetry with IoT, AR/VR, smart sensors, and incentivized AI SDG analysis.
So far in 2021, we have witnessed an enormous uptake in establishments adopting blockchain — from finance to loan, payment and identity verification to digital collectibles and governance. However, this adoption shows one thing: investors and businesses are gravitating towards a venture that yields the best profit. There is an urgent need to accelerate blockchain adoption and develop collaborations to pilot blockchain technology to gain maturity and achieve large-scale adoption. Low awareness, resistance to trying emerging technologies to address real-life problems, and complexity of the underlying technology are some of the stumbling blocks to mass adoption. As a sustainability-driven, blockchain-based ecosystem, 5ire claims to collaborate with prominent actors in the business and non-business world to solve the world's most pressing concerns.
The co-founder & CEO of 5ire, Pratik Gauri, stated - “The investments should not just be seen as financial capital but as strategic partnerships with loads of experience, relationship capital and the credibility behind them. This is an essential milestone for the team and would allow the firm to advance its ideology of expanding and making crypto accessible to everyone by leveraging blockchain technology to build the first-ever truly sustainable ecosystem.”
The innovation being developed by 5ireChain is based on its nPoS based consensus mechanism and its core technology, "Proof of 5ire". By integrating sustainability and social impact at the consensus mechanism level, this technology empowers organisations by economically rewarding them for following sustainable practices.
Prateek Dwivedi, co-founder and CMO of 5ire, said in a statement that 5ire is "destined to change the economy in the immediate future, matching the necessity to have a very high level of transparency to build an ecosystem that is potentially huge and transformative for society, the economy and the environment."
"We pride ourselves in partnering with businesses who share our vision. We are delighted to be collaborating with 5ire as they are aligned with our passion and commitment to delivering the United Nations Sustainable Development Goals (SDGs). Together, we can achieve a huge impact globally.", said Rico Pang, Co-founder & CEO of Sanctum Global Ventures.