Business News Report
March 29, 2023

Fetch.ai Secures $40M Funding to Revolutionize AI and Blockchain Technology through Decentralized Machine Learning

In Brief

Fetch.ai, an AI-focused blockchain startup, has raised $40 million in funding from DWF Labs.

The funding will allow Fetch.ai to implement decentralized machine learning to its platform.

Fetch.ai’s native token, FET, saw an increase of 12.7%  in the last 24 hours and is currently priced at $0.38.

 


Fetch.ai Secures $40M Funding to Revolutionize AI-Generated Information With Decentralized Machine Learning and Blockchain Technology

Fetch.ai, a startup focused on AI and blockchain technology, has secured $40 million in funding from DWF Labs. The British startup aims to provide developers with a machine-to-machine ecosystem for deploying and monetizing applications, using generative AI to personalize results and streamline processes.

Fetch.ai’s technology can improve efficiency in various sectors, such as supply chain management, energy distribution, and transportation. Unlike current centralized systems, Fetch.ai’s decentralized solution could offer a more cost-effective and efficient alternative. The startup has also focused on IP and technology development, with patent applications and patents issued in the US and Europe.

The startup aims to create services that use generative AI to turn application results into transactions. This means that instead of simply receiving a list of flights and prices when asking a chatbot for flight options, the results will be personalized to individual preferences. Fetch.ai plans to offer the tools needed to connect these personalized results with the purchase of tickets.

Already, Fetch.ai’s platform uses blockchain technology and a FET token, and it has launched some features, such as the “Notyphi” notification feature. With funding from DWF Labs, Fetch.ai plans to develop more services as it prepares to launch commercial offerings later this year.

The market capitalization of Fetch.ai’s native token FET is almost $400 million at present, and the price is $0.38, a 12.7% increase in 24 hours, according to data by CoinGecko.

TechCrunch reported that the investment from DWF Labs, an incubator linked to Digital Wave Finance, is a significant sum within the current market and comes from a single source.

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About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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