Big AI Dreams, Powered by the Blockchain: A Look into Fetch.ai
One of the biggest hype trains, so to speak, on the planet right now is the gold mine of possibilities that is AI. This riding-high type of AI boom has been largely unprecedented; key advancements in machine learning, natural language processing, asset synthetization, computer vision and other pieces of this AI pie have created a spectrum. Thus far, it has spanned from next-gen breakthroughs and a wild uptick in excited engagers of AI, all the way to global-scale controversies (even a written plea from expert researchers and other signatories to pause AI developments). So far, with the hopes that this won’t result in “The bigger they are, the harder they fall…” consequences, the democratization of AI continues as startups and megacorps alike pile in.
Let’s focus on startups today, though; specifically, a startup by the name of Fetch.ai. With Fetch.ai, building, deploying and connecting smart agents to automate Web3 systems is made possible. Per a mission statement from Fetch, “We help industries explore meaningful tools and agent technologies to reinvent business models and support infrastructure for smart, autonomous services.”
Recently, Fetch.ai’s capabilities received a boost, of sorts; the startup announced $40 million in funding to provide monetization for AI tooling as it gears up for its launch of commercial services in Q3 or Q4 of this year. This funding has come from DWF Labs (an incubator connected to Digital Wave Finance) and a global digital asset market and multi-stage Web3 investment firm. (It’s also worth noting that DWF Labs deals in the cryptocurrency market, and Fetch.ai’s platform is blockchain-built; it even has a FET token set to be used on its platform.)
This all seems to be part of Fetch.ai’s diversified roadmap, as the startup also piloted an AI-powered parking solution back in 2020. (And, as I typically write heavily about IoT, or the Internet of Things, this perks my ears up.) But in present day, with its drive homed in on building AI beyond what Fetch.ai describes as “wow” applications, the startup has big dreams, and it believes its aptly cut out to realize them.
“The ability for entities to train AI models on their own is difficult because of the costs,” said Humayun Sheikh, CEO of Fetch.ai. “In the world of AI right now, there are the well-capitalized ‘haves’ and the less-funded ‘have-not’s’ with shorter reach. We aim to create a model with true ownership, and with multiple stakeholders who will have trained it.”
Andrei Grachev, a managing partner at DWF Labs, also said in a statement, “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 decentralized approaches create a new paradigm for developers and entrepreneurs, and we’re thrilled to support their growth and development.”
This could lead to a whole cornucopia of other fresh stories if Fetch.ai is, indeed, able to use the blockchain for non-financial purposes, like the honing of future AI solutions. Time will tell.
Edited by Greg Tavarez
