Fetch.ai, an AI-focused crypto protocol, has raised $40 million from market maker and investment firm DWF Labs. The funding will be used by Fetch.ai to deploy decentralized machine learning, autonomous agents, and network infrastructure on its platform. The goal of the platform is to provide developers with tools to deploy and monetize applications by creating an autonomous machine-to-machine ecosystem.
Fetch.ai utilizes autonomous economic agents, pieces of code that establish connections between a network of independent parties and real-world systems and devices, to generate economic value for their owners. The platform aims to offer a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities.
DWF Labs’ managing partner, Andrei Grachev, praised Fetch.ai’s platform, stating that it “provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities.”
The investment comes as traders are beginning to bet on the potential of AI and crypto, following the rise in popularity of AI-driven chatbots and image generation software. Fetch.ai’s native token, FET, has a market cap of approximately $44 million, while SingularityNET’s AGIX has $108 million, according to CoinGecko data.
Last month, Fetch.ai partnered with electronics giant Bosch to form a foundation for researching and developing real-world use cases of blockchain technology in areas such as transportation, hospitality, and commerce.
The $40 million funding from DWF Labs is the sixth investment made by the market maker this month, following a $10 million investment in blockchain firm Radix Tokens.
