Fetch.ai Secures $40 Million Funding for Decentralised AI Innovation and Automation Platform

March 29, 2023

Fetch.ai Secures $40 Million Funding for Decentralised AI Innovation and Automation Platform

Cambridge-based artificial intelligence lab Fetch.ai has secured a substantial $40 million in funding through a round led by DWF Labs. Fetch.ai's platform allows developers to create and deploy autonomous peer-to-peer applications, leveraging artificial and machine intelligence to perform tasks such as booking hotel rooms, hailing rides, and optimising parking spaces efficiently.

The company's mission revolves around providing a framework for developers to build applications that bridge digital and real-world economies rapidly, enabling automation across decentralised networks. At the core of Fetch.ai's approach are AI agents that execute business logic independently, interacting with each other through an immutable blockchain ledger without the need for human intervention.

Fetch.ai's platform has already been put to the test in various applications. In collaboration with Datarella GmbH, an industrial blockchain solutions company, Fetch.ai piloted a smart parking space management program in Germany in 2020. The system autonomously negotiated parking space prices based on availability and demand, offering an efficient and user-friendly experience. Additionally, Fetch.ai launched Autonomous AI Travel agents, connecting users to over 770,000 hotels worldwide, offering optimized bookings and potential savings of up to 10%.

The recent funding round, led by DWF Labs, will play a crucial role in advancing the development of decentralised technology, autonomous agents, and AI capabilities, according to Fetch.ai CEO Humayun Sheikh. He stated, "This investment will help us advance our mission to bring automation and AI capabilities to the forefront of the decentralized technology industry."

Fetch.ai's platform operates on blockchain technology, utilising its native token, FET, as a medium of exchange for services provided by Fetch.ai applications. The blockchain records agreements between AI agents, ensuring transparency and security in their interactions.

The funding comes at a time when AI is gaining significant attention, with Fetch.ai positioning itself as more than just another crypto startup. Sheikh emphasized the role of blockchain in non-financial purposes, particularly in training AI models. He believes that Fetch.ai's approach of having multiple entities contribute to model training creates a more equitable and traceable AI landscape.

Fetch.ai's ambitious roadmap includes the development of a decentralised machine learning AI model called Colearn, allowing multiple parties to build and train AI models collaboratively. The platform's Autonomous Economic Agents can be integrated into applications like ChatGPT for task completion or linked with the Fetch wallet for transactions.

DWF Labs, the investor behind Fetch.ai's funding, is described as a top 5 trading entity by volume in cryptocurrency. The funding, a mix of equity and FET tokens, values Fetch.ai at around $250 million. Fetch.ai aims to use this capital to expand its ecosystem, with a focus on growth in Asia.

Andrei Grachev, Managing Partner of DWF Labs, expressed excitement about Fetch.ai's platform, calling it a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities. The strategic investment from DWF Labs indicates its confidence in Fetch.ai's technical architecture and decentralised approach to machine learning.

As AI tools continue to evolve, Fetch.ai positions itself as a game-changer, offering a platform that simplifies tasks through automation in a decentralised fashion. With plans to launch commercial services later this year, Fetch.ai is poised to make a significant impact on the intersection of AI and decentralised technology.

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