Layer one blockchain company 5ire has raised $100 million at a valuation of $1.5 billion from UK-based SRAM & MRAM Group.

The company was founded in August last year, by Pratik Gauri, Prateek Dwivedi, and Vilma Mattila. 5ire had earlier raised a funding of $21 million in its seed round at a valuation of $110 million in October last year, with participation from both private and institutional investors like, Marshland Capital, Launchpool Labs, Moonrock Capital, and other investors.

“Our valuation jump has come from the fact of 12 pending patents that we have and all the other proof of benefit consensus that we've built.. The UK-based conglomerate own about 800 hospitals a lot of real estates. So we will also get access to a lot of relationship capital,” said cofounder Gauri.

The startup will use the capital to expand its team of 100 employees and develop its technology. It intends to primarily serve businesses with its blockchain.

Gauri added in a statement: “We are on a mission to embed sustainability into blockchain and shift the current paradigm from ‘for-profit’ to ‘for-benefit’.”