Business News Report
February 21, 2023

Fetch.ai and Bosch Launch New Foundation and $100M Grant Program

In Brief

Fetch.ai and Bosch have created the Fetch.ai Foundation, focused on fueling the industrial adoption of software agents, AI, and web3 technology.

The foundation will target the long-term development of web3-based solutions and services in industries spanning mobility, industrial tech, and consumer products.

Fetch.ai will inject up to $100 million into industrial AI through various grant programs.

Fetch.ai, a Cambridge-based artificial intelligence lab building a decentralized machine learning network, and its long-term partner Bosch, have launched the Fetch.ai Foundation to drive the industrial adoption of software agents, AI, and web3 technology.

According to a press release, the foundation aims to research, develop and harness the application and adoption of agents, AI, and web3 decentralized technologies for real-world use cases to enhance Fetch.ai’s network.

Speaking on some of the real-world use cases at the intersection of AI and web3, Fetch.ai Founder and CEO Humayun Sheikh told Metaverse Post:

“AI brings automation, and web3 brings decentralization, two attributes best suited for applications where multiple stakeholders interact with each other.”

“It applies to new marketplaces that can’t exist today because of web2 tech limitations and underserved marketplaces that are either too small or not very lucrative. In the category of the new marketplace, we see vehicle-to-infrastructure applications as the natural evolution of autonomous vehicles, where now a new machine-to-machine economy has become a reality,” he added.

The foundation will target and assist in the long-term development of web3-based solutions and services in industries spanning mobility, industrial tech, and consumer products, with up to $100 million injected into industrial AI through various grant programs over the next three years. To accelerate the lab’s growth alongside like-minded businesses and partners, Fetch will also offer grants for developers and businesses that help further develop its tech and deploy new use cases.

The Fetch.ai Foundation will be anchored in the core tenets of transparency, neutrality, data, and technology sovereignty. The foundation’s board will initially be led by the Fetch.ai and Bosch teams. However, the foundation will slowly develop strategic partnerships with businesses that seek to develop the infrastructure for a decentralized digital economy powered by AI.

“In combining disrupting Web3, AI, and Open Source technologies with the proven world-class hardware and software capabilities of the classic engineering corporations, this foundation is the perfect endeavor at the right time – this gets even more exciting the more other partners will join,” said Peter Busch, Chairperson of the Fetch.ai Foundation, Bosch.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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