5ire, a Blockchain network, has raised USD 100 million investment from GEM Global Yield LLC SCS, a Luxembourg-based private alternative investment group. Additionally, 5ire has plans to file for an Initial Public Offering.
5ire plans to use the funds to expand its ecosystem which involves liaising with the government stakeholders in India and international markets. The fresh capital will be used to onboard additional technical developers and to build a robust 5ireChain infrastructure. At the same time, the company will also focus on acquiring the best talent for sales, marketing, and product development roles. The company has plans to increase the adoption of 5ireChain across governments, Fortune 500 companies, family offices and civic bodies.
"We are really excited about this USD 100 million investment from GEM as it is a testimony to the market confidence in our offering,” said Pratik Gauri, CEO and co-founder of 5ire.
5ire, a fifth-generation blockchain network, was founded by Pratik Gauri and Prateek Dwivedi and Vilma Mattila. Prior to the capital infusion from GEM, the company was valued at USD 100 million after it received a seed funding of USD 21 million from both private and institutional investors.
The investment in 5ire will help GEM solidify its foothold in emerging markets for sustainable level 1 blockchains with a highly diversified portfolio of use cases.
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