Fetch.ai and Bosch Announce Establishment of the Fetch.ai Foundation and $100 Million Grant Initiative
In Brief
Together, Fetch.ai and Bosch have launched the Fetch.ai Foundation, which aims to promote the industrial use of software agents, AI, and web3 technologies.
The foundation is set to support the ongoing development of web3 solutions and services across diverse sectors including transportation, industrial technology, and consumer goods.
Fetch.ai is positioned to inject up to $100 million into the realm of industrial AI through a variety of grant initiatives.
Fetch.ai, a forward-thinking AI lab in Cambridge known for its decentralized machine learning network, in collaboration with Bosch, has rolled out the Fetch.ai Foundation geared towards advancing the industrial application of software agents, AI, and web3 tech.
A press announcement noted that the foundation’s mission includes researching and developing the practical implementation and integration of AI agents and decentralized web3 technologies into real-world situations to enhance the Fetch.ai network.
In discussing practical applications that sit at the crossroads of AI and web3, Fetch.ai’s founder and CEO Humayun Sheikh shared with Metaverse Post:
“The power of AI lies in automation, whereas web3 focuses on decentralization—both elements are highly beneficial for platforms where multiple parties engage with one another.”
“This approach opens doors to new marketplaces that are currently unfeasible due to the constraints of web2 technologies, as well as underserved markets that may be either too small or not very profitable. We envision new vehicle-to-infrastructure models as a natural progression for autonomous driving, where we are witnessing the advent of a new machine-to-machine economy,” he elaborated.
The foundation’s initiatives will concentrate on nurturing the long-term evolution of web3 solutions and services across various industries including transportation, industrial technology, and consumer goods, with plans to channel up to $100 million into industrial AI within the next three years. Additionally, Fetch.ai will extend grants to developers and businesses that contribute to advancing its technology and exploring novel use cases. grant programs Driven by values of transparency, neutrality, and the empowerment of data and technology sovereignty, the Fetch.ai Foundation will begin with leadership comprised of stalwarts from both Fetch.ai and Bosch. Over time, the foundation will seek to forge strategic alliances with companies dedicated to building the framework for a decentralized, AI-driven digital economy.
“By merging disruptive technologies from Web3, AI, and Open Source with the expertise of established engineering powerhouses, the foundation is embarking on an extraordinarily timely and exciting venture – the potential will only increase as more partners come on board,” stated Peter Busch, Chair of the Fetch.ai Foundation at Bosch.
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Disclaimer
In line with the Trust Project guidelines Cindy is a journalist at Metaverse Post, specializing in topics related to web3, NFTs, the metaverse, and AI. She focuses on conducting interviews with key figures in the Web3 space and has engaged with over 30 top executives, sharing their invaluable insights with our audience. Originally hailing from Singapore, Cindy now resides in Tbilisi, Georgia and holds a Bachelor’s degree in Communications & Media Studies from the University of South Australia, complemented by a decade of experience in journalism and writing.
