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.