Fetch.ai, a crypto protocol focused on artificial intelligence, has successfully raised $40 million from DWF Labs, an investment and market maker firm. According to their official statement released Wednesday, the funds will facilitate the deployment of decentralized machine learning technologies, autonomous agents, and network infrastructure on their platform. Fetch.ai’s goal is to provide developers with the tools to monetize applications and create an autonomous machine-to-machine ecosystem.
Fetch.ai deploys autonomous economic agents, which are bits of code that facilitate connections between independent parties and real-world systems and devices to generate value for their owners. This could include gaining knowledge, sharing predictions, or conducting trades. According to Andrei Grachev, managing partner of DWF Labs, Fetch.ai’s platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities.
The investment follows recent public interest in AI-driven chatbots such as ChatGPT and image generation software DALL-E, which do not use cryptocurrencies or blockchain. This has been further bolstered by OpenAI raising $10 billion from Microsoft at a $29 billion valuation, leading to an increased institutional interest in AI-focused tokens as the next growth sector.
Fetch.ai’s native token, FET, has a current market cap of approximately $44 million, whereas one of its competitors, SingularityNET’s AGIX, holds a much larger value at $108 million according to CoinGecko data. Last month, Fetch.ai collaborated with electronics giant Bosch to form the Fetch.ai Foundation, dedicated to researching and developing practical applications of blockchain technology in areas such as transportation, hospitality, and commerce. The collaboration was fueled by a generous $40 million from DWF Labs, making it their fifth consecutive investment this month. Most recently, DWF invested $10 million into the Radix Tokens blockchain firm.
