Fetch.AI is a firm that provides infrastructure for smart and autonomous services powered by blockchain. Simply put, it is an AI based crypto protocol. The firm facilitates the building, deployment and connection of smart agents in the web3 ecosystem so as to re-innovate business models. The firm majorly deals in AI and Blockchain that gives rise to agents ranging from microagents based on microservices to Autonomous Economic Agents that are modular and composable. The term agent in this case refers to an autonomous software code that acts on behalf of humans or organizations. The firm has several AI and web3 applications as well as tools to support development activities. In AI, the firm has developed Co-learn, an open collective learning system that enables privacy preserving and collaborative machine learning and inference on its network. In Web3, the firm has Fetch Wallet, the first Web3 wallet to feature agent technology in enabling automations as well as Fetchd which is the source code for validator nodes on the Fetch.ai network. It also has numerous tools and libraries including Jenesis, a python based CLI(Command Line Interface) for bootstrapping contract development and testing as well as Cosmpy, a python library to interface with the Fetch Network and other Cosmos SDK based networks.
To finance its automation of the above listed tools, Fetch.ai has secured $40 million funding from DWF Labs, an investment firm and market maker . The new investment is set to be used in deployment of decentralized machine learning. autonomous agents and network infrastructure on its platform. Fetch.ai aims to provide an autonomous machine-to-machine ecosystem that allows developers to develop, deploy and monetize their applications. To achieve this objective, Fetch.ai already deploys Autonomous Economic agents that connect to networks as well as real world devices and systems to generate economic value for the owner. The economic agents will generate value by acquiring knowledge, sharing predictions and executing trading transactions. It is why Fetch.ai needs the funding to develop and deploy peer-to-peer applications with automation and AI capabilities.
This investment comes amid a breakthrough of AI models. This has been evident in the recently released GPT-4 and DALL-E models. For awhile now, the tech community has been speculating the potential of an alliance between AI and crypto. Some crypto startups are already offering AI generated NFTs and digital assets on their marketplaces and have raised tremendous funds. It is important to note that OpenAI, the company behind ChatGPT, secured a $10 billion investment from Microsoft at its current market valuation of $29 billion. This string of high value investments has compelled traders to bet on AI based tokens as the next growth sector. According to CoinGecko data, the Fetch.ai native token FET has a market cap $400 million while its peer SingularityNET’s AGIX has a market cap of over $500 million.
In the recent past, Fetch.ai has formed an alliance with Bosch to create a new venture in the research and development of real world use cases for blockchain in numerous sectors including commerce and transportation. DWF Labs on the other hand, has made an investment of $10 million into Radix Tokens, a blockchain firm.
