Fetch AI’s Groundbreaking $40M Funding Success
Some of the more realistic considerations, such as the various costs (financial and societal) and the business models, may get louder over time, but for the time being, AI is flying high on a wave of hype. Fetch.ai, a company, has announced $40 million in fundraising today in preparation for that day.
The Cambridge, England-based startup claims it is developing tools that facilitate communication & actions among AI-powered tools to make the work created by them more manageable. These tools focus on “autonomous agents, networking equipment, and decentralized machine learning.”
More About Fetch.ai
In addition to improving the accessibility and transparency of AI via distributed ledgers, Fetch.ai CEO Humayun Sheikh thinks the company has a place in developing learning models.
Fetch.ai was founded on blockchain technology, and the company has already developed the FET token that will be utilized on the site. Last week, it released a notification service called “Notiphi” for use with the Fetch wallet. But, they are only the tip of a very ambitious iceberg. Fetch is getting ready to debut its commercial services later this year, and Sheikh said the funding it is announcing today would be used toward that effort.
The Purpose of The Funding
The capital is sizable relative to the existing market and is provided by a single organization, DWF Labs, an accelerator affiliated with Digital Wave Finance. DWF Laboratories lists the latter firm as a “top 5 trading business by volume in cryptocurrencies.” Still, I have been trying to locate any mention of it online, and a spokeswoman needed help to supply me with any relevant connections.
Meanwhile, DWF Labs was in the headlines this week for investing $40 million in a business called Tomi that aims to construct a distributed “alternative internet,” It also supported TON. This blockchain was previously part of Telegram but emerged as a distinct project in November 2022.
Fetch.ai Set To Revolutionize The Use of AI
Although Sheikh acknowledged that the funding for Fetch.ai isn’t quite conventional, he assured that his company isn’t just another cryptocurrency start-up. He cites the development of artificial intelligence models with Fetch.ai as an example of a non-financial use of blockchain technology.
Another example is the parking solution trial program Fetch.ai operated in 2020; the program employed AI to help find parking spaces in cities, adjusted parking rates, and reward individuals who used public transportation instead of driving.
Nevertheless, there will be monetary considerations: the business intends to create services that convert the outcomes of apps driven by generative AI into transactions. In the future, when you ask a chatbot for the best airfares from London to Istanbul, it may provide you with results that are categorized and customized based on how you like to travel. Fetch.ai aims to make getting from search results to ticket purchases easier. According to Sheikh, these acquisitions will be paid for using FET tokens.
Whether or not businesses are willing to get involved is still up in the air, but Fetch.ai’s approach is noteworthy. The concept of going beyond simple “wow” applications and AI Generative is bound to be explored at some point, and the fact that it is being explored now is a good indicator of how the hype might eventually land in the world of actual usage.
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Feature Image Source: Fetch.ai