New Delhi: 5ire, a fifth-generation blockchain network, announced on Tuesday it has secured a $100 million capital commitment from GEM Global Yield LLC SCS (GGY), as it seeks to file for an IPO.

By investing in 5ire, founded by Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila, GEM will solidify its foothold in the emerging markets for a sustainable level 1 blockchains with a highly diversified portfolio of use cases and a growing cache of MoUs with government and private sector partners.

GGY is a Luxembourg-based private alternative investment group that manages a diverse set of investment vehicles focused on emerging markets worldwide.

“This infusion of capital from GEM is aligned with 5ire’s vision of going public. We had successfully closed an oversubscribed seed round of $21 million which took our valuation to $110 million within two months of incorporation. We are really excited about this $100 million investment from GEM as it is a testimony to the market confidence in our offering,” CEO and cofounder Gauri said.

The platform plans to use the fresh funds for the expansion of the ecosystem, which involves liaising with government stakeholders in India and upcoming international markets, invest in technology and resources, hiring, and enhance adoption of 5ireChain.

5ire has been working diligently on the UN’s Sustainability goals and partnering with nations across three continents as the first step in this direction.

By signing MOUs, 5ire has taken this first step in the public-private partnerships in India, Nigeria, and the United States to bring their technological solutions for sustainability, better governance, more just and transparent law enforcement, and more.

Prior to this capital infusion, 5ire’s valuation stood at $110 million upon receiving a funding of $21 million in its seed round from both private and institutional investors like Alphabit, Marshland Capital, Launchpool Labs, Moonrock Capital, among other investors.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.