Cambridge-based Fetch.ai, a startup that helps companies build and deploy autonomous smart agents, announced on Wednesday, March 29, that it has secured $40M (nearly €36.69M) in funding from Singapore’s DWF Labs, a technology incubator.
DWF Labs is a multi-stage Web3 investment company and market maker of digital assets. It supports its portfolio businesses with cryptocurrency listing and market making to OTC trading solutions.
Andrei Grachev, Managing Partner of DWF Labs, says, “Fetch.ai’s platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities.”
“Their technical architecture and decentralised approach to machine learning create a new paradigm for developers and entrepreneurs, and we’re thrilled to support their growth and development,” adds Grachev.
Fetch.ai: Everything you need to know
Founded in 2017 by Humayun Sheikh, Fetch.ai powers peer-to-peer applications with automation and AI capabilities. It offers developers all the tools they need to create, launch, and make money off of their platforms and apps.
The agents of Fetch.ai operate as a network of independent individuals in an autonomous machine-to-machine ecosystem and communicate with one another directly over the blockchain network.
Any agreements reached as a consequence are then documented using FET on the Fetch.ai blockchain.
Autonomous economic agents can find, bargain, and interact with one another automatically and without human involvement, which reduces costs and does away with the need for middlemen.
According to the company, decentralised machine learning provided by Fetch.ai enables agents to act on creative solutions, paving the way for the creation of “cutting-edge” technologies that will transform entire sectors.
Traditional federated learning is an issue, but Fetch.ai addresses it by generating new income sources for stakeholders to contribute to models to enhance operations and products.
Capital utilisation
The UK-based company says it will use the funds to support the development and deployment of autonomous agents, network infrastructure, and decentralised machine learning on its platform.
Humayun Sheikh says, “We are excited to partner with DWF Labs to accelerate the development and deployment of autonomous agents, network infrastructure, and decentralised machine learning on the Fetch.ai platform.”
“This investment will help us advance our mission to bring automation and AI capabilities to the forefront of the decentralised technology industry.”
With this partnership, DWF Labs and Fetch.ai will develop new synergies in the decentralised technology sector that will advance the creation of independent agents and AI powers.
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