Fetch AI secures $40 million funding with a focus on Autonomous Agents and Decentralized Machine Learning.
Web3 infrastructure provider Fetch AI has secured a $40 million investment in a funding round led by technology incubator and Web3 investment firm DWF Labs. This injection of capital aims to propel intelligent agent and distributed blockchain technology forward.
Fetch AI’s ultimate objective is to address the challenges faced by consumers who navigate numerous apps to access various services, often incurring convenience fees along the way. Their mission is to eliminate intermediaries, ensure fair compensation for services, and help end-users save money.
Andrei Grachev, managing partner at DWF Labs, emphasized Fetch AI’s pioneering role in automating Web3 systems and reshaping traditional business models. He highlighted that these intelligent agents not only possess learning and predictive capabilities but also possess the capability to take tangible actions to execute meaningful real-world tasks.
Through its utilization of blockchain technology, Fetch AI facilitates value transfers and serves as a coordinating mechanism for autonomous agents to initiate transactions. The agreements forged among these agents are then securely recorded on the Fetch blockchain using FET, the platform’s native cryptocurrency. FET plays a crucial role in compensating agents for their services and covering transaction costs.
Core Fetch AI features
The company has engineered a comprehensive technological foundation comprising several pivotal elements:
In the realm of AI and machine learning, the company has pioneered CoLearn—a collective learning protocol facilitating collaborative work on machine learning (ML) models while preventing data leakage.
Furthermore, the company is actively in the process of creating the Axim platform, a managed and hosted version of CoLearn tailored for enterprise clients.
In the domain of autonomous agents, Fetch AI has introduced two pioneering frameworks: the Autonomous Economic Agent framework and the Microagent framework. These frameworks empower the development of peer-to-peer agent-based applications.
In the Web3 sphere, the company boasts its own layer-1 blockchain network, built upon the Cosmos SDK. Additionally, they provide a suite of tools, including the Fetch browser extension wallet, the Cosmpy Python library for crafting Cosmos Dapps, and the Jenesis CLI tool for initializing and testing CosmWasm contracts across various CosmWasm chains.
Furthermore, the company is embarking on the release of product demonstrators that seamlessly integrate all of these foundational components.
Bosch joins in on Fetch Foundation
This week marked the launch of Fetch AI’s latest support feature within the Fetch wallet, introducing Fetchbot, an advanced agent technology. Fetchbot is specifically engineered to empower the wallet with cutting-edge functionalities, including decentralized finance (DeFi) automation and seamless integration with the GPT-based large language model (LLM) API, facilitating the processing of natural language queries related to Fetch.
In the near future, the company is poised to unveil Agentverse, an in-browser Integrated Development Environment (IDE) designed for crafting Fetch microagent applications. Agentverse will also introduce a mailbox feature that streamlines agent message delivery and hosting, eliminating the necessity for Fetch agents to maintain a constant online presence. Additionally, the company has plans to introduce other showcases of its agent technology within the DeFi domain.
Notably, Bosch and Fetch AI have recently made a joint announcement regarding their collaboration to establish the Fetch Foundation. This foundation is set to focus on the research and development of Web3 technology for real-world applications across various sectors, including mobility, industry, and consumer-oriented domains. The governance structure of the foundation will follow a three-tier model, drawing inspiration from the decentralized innovation approach pioneered by the Linux Foundation. Bosch and Fetch AI will play pivotal roles in leading the management board of the foundation and are actively seeking further participation from industry stakeholders.