UK-based blockChain tech co 5ire raises $100-M

5ire, a London-based Level 1 blockchain network founded by Indian origin entrepreneurs, has raised USD 100 million in "Series A" funding from UK-based conglomerate SRAM & MRAM at a USD 1.5 Billion valuation. The startup will use the new funds for business expansion and extending 5ire's footprint across Asia, North America, and Europe, with India as the hub of operations and core area of focus. 5ire was founded by Indian-origin entrepreneurs Pratik Gauri and Prateek Dwivedi, along with Web3 financier Vilma Mattila, in August 2021. In February 2022, it secured a USD 100 million capital commitment from Global Emerging Markets (GEM) Global Yield LLC SCS (GGY) - an amount that can be drawn upon if and when 5ire goes public. Last year, 5ire had raised a funding of USD 21 million in its seed round at a valuation of USD 110 million with participation from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, amongst many other investors