Web3 infrastructure provider, Fetch AI, has announced that it has raised $40 million in a recent investment round from technology incubator and Web3 investment firm, DWF Labs. The company intends to use the funding to advance its intelligent agent and distributed blockchain technology, with the goal of eliminating intermediaries and enabling fair payment for services while also saving end-users money.
Fetch AI’s use of blockchain technology allows for value transfer and acts as a coordination mechanism for autonomous agents to launch transactions. The agreements made between these agents are then recorded on the Fetch blockchain using FET, the native cryptocurrency of the platform. FET is used to pay for transactions and services provided by agents.
One of Fetch AI’s key features is its tech stack, which includes several components. On the AI/ML track, the company has developed CoLearn, a collective learning protocol that enables collaboration on machine learning (ML) models without data leakage. The company is also developing the Axim platform, which offers a managed and hosted version of CoLearn for enterprise customers.
Fetch AI has also developed the Autonomous Economic Agent framework and Microagent framework, which can be used to create peer-to-peer agent-based applications. Additionally, the company has its own layer-1 blockchain network based on Cosmos SDK, along with tools such as the Fetch browser extension wallet, the Cosmpy Python library for developing Cosmos Dapps, and the Jenesis CLI tool for bootstrapping and testing CosmWasm contracts on any CosmWasm chain.
Fetch AI has released product demonstrators that incorporate all of these building blocks. Recently, the company launched support for its agent tech, Fetchbot, in the Fetch wallet, which is designed to provide super wallet capabilities, including decentralized finance (DeFi) automation and integration with the GPT-based large language model (LLM) API for processing natural language processing (NLP) queries related to Fetch.
In the coming days, Fetch AI plans to release Agentverse, which will provide an in-browser IDE for writing Fetch microagent applications and support a mailbox feature for agent message delivery and hosting that eliminates the need for Fetch agents to be online all the time. The company also plans to release other demonstrators of its agent tech in the DeFi space.
Recently, Bosch and Fetch AI announced their collaboration to create the Fetch Foundation, which will research and develop Web3 technology for real-world use cases in areas such as mobility, industry, and consumers. The foundation will be governed by a three-tier structure and inspired by the Linux Foundation’s decentralized innovation model. Bosch and Fetch AI will lead the foundation’s management board and seek to expand it with other industry participants.
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This article was republished from azcoinnews.com
