AI-focused crypto protocol Fetch.ai has raised $40 million from market maker and investment firm DWF Labs.
Fetch will use the investment to deploy decentralized machine learning, autonomous agents and network infrastructure on its platform, the company said in a statement Wednesday.
Fetch.ai’s goal is to provide developers with the tools to deploy and monetize their applications by providing an autonomous machine-to-machine ecosystem.
Fetch.ai implements pieces of code it calls “autonomous economic agents” that connect networks of independent parties to real-world systems and devices. According to Fetch.ai, the agent’s goal is to “create economic value for its owner” through knowledge gathering, prediction sharing, or transaction execution.
“The Fetch.ai platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and artificial intelligence capabilities,” said Andrei Grachev, Managing Partner at DWF Labs.
The investment comes after traders began betting on the potential of artificial intelligence and cryptocurrencies following a recent surge in AI-powered chatbots such as ChatGPT and imaging software DALL-E. Both are traditional software that do not use cryptocurrencies or blockchains. However, institutional interest in its parent company, OpenAI, which recently raised $10 billion from Microsoft at a $29 billion valuation, is helping crypto traders bet on AI-focused tokens as the next area of growth Provide convincing arguments.
Fetch.ai’s native token FET currently has a market cap of around $404 million, while one of its peers, SingularityNET’s AGIX, has a market cap of over $500 million.
Following the latest fundraising announcement, FET rallied more than 17% from an intraday low of $0.33 to a high of $0.39 before a minor pullback. Even so, the token was up more than 6% at press time.
Last month, Fetch.ai partnered with electronics giant Bosch to create a platform for research and development of real-world use cases for blockchain technology in areas such as transportation, hospitality and commerce.
The $40 million funding marks another investment from market maker DWF Labs, the fifth this month. Most recently, DWF invested $10 million in blockchain company Radix Tokens.
- FET up 13% as Fetch.ai and Bosch launch $100M fund to push Web3
- Fetch.ai (FET) Signals Bears Are Back in Power
According to Coindesk