Fetch.ai Raises $40M

Fetch.ai Raises $40M

Fetch.ai secures $40M to facilitate the commercialization and deployment of AI-generated data, per an article from CoinDesk.

The Deets:

  • Fetch.ai has raised $40 million from web3 investment firm DWF Labs (@DwfLabs).
  • Fetch.ai is built on blockchain technology, and it has created a FET token that will be used on its platform.
  • The company will use the capital to prepare to launch commercial services later this year.
  • Fetch.ai is building tooling that focuses on “autonomous agents, network infrastructure, and decentralized machine learning” that facilitates communication and actions between AI applications with the goal of making the outputs more actionable.
    • Fetch.ai worked on a project in 2020 that focused on parking solutions. AI was used to determine available spots in city parking lots and change pricing.
    • Last month, Fetch.ai and Bosch formed the Fetch.ai Foundation. The partnership "aims to research, develop and harness Web3 technology for real-world use cases that will span across mobility, industrial, and consumer domains."

❗ Why It Matters

The funding round for Fetch.ai is a meaningful development, especially amidst the backdrop of the number of people using ChatGPT increasing every day.

It's obviously still very early days for AI, but continued interest and investment in the space give some indication of how AI can be applied in the real world in the future.

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Fetch.ai's platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilitiesAndrei Grachev, managing partner of DWF Labs

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