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Web3 infrastructure provider Fetch AI is looking to advance intelligent agent and distributed blockchain technology on the wings of a $40 million investment round gained today from technology incubator and Web3 investment firm DWF Labs.
Ultimately, Fetch AI targets the needs of consumers that juggle multiple apps to connect to different services, each of which may administer a convenience fee. The goal is to eliminate intermediaries, enable services to get paid fairly, and for end-users to save money.
“By enabling the creation, deployment and connection of intelligent agents, Fetch AI is at the forefront of automating Web3 systems and reinventing traditional business models,” Andrei Grachev, managing partner at DWF Labs, told VentureBeat. “These agents not only learn and predict, but also take action to execute meaningful tasks in the real world.”
Fetch AI’s use of blockchain technology enables value transfer and acts as a coordination mechanism through which autonomous agents can launch transactions. Agreements made between these agents are then recorded on the Fetch blockchain using FET, the native cryptocurrency of the platform. FET is used to pay for transactions and services provided by agents.
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Core Fetch AI features
The company developed a tech stack that includes several key components:
On the AI/ML track, the company has developed CoLearn, a collective learning protocol that enables collaboration on machine learning (ML) models without data leakage.
The company is actively developing the Axim platform, which offers a managed and hosted version of CoLearn for enterprise customers.
On the agent track, Fetch AI developed the Autonomous Economic Agent framework and Microagent framework, which can be used to create peer-to-peer agent-based applications.
On the Web3 track, the company has its own layer-1 blockchain network based on Cosmos SDK, along with tools such as the Fetch browser extension wallet, the Cosmpy Python library for developing Cosmos Dapps, and the Jenesis CLI tool for bootstrapping and testing CosmWasm contracts on any CosmWasm chain.
The company is also beginning to release product demonstrators that incorporate all of these building blocks.
Bosch joins in on Fetch Foundation
This week, Fetch AI launched support for its agent tech, Fetchbot, in the Fetch wallet. Fetchbot is designed to provide super wallet capabilities, including decentralized finance (DeFi) automation and integration with the GPT-based large language model (LLM) API for processing natural language processing (NLP) queries related to Fetch.
In the coming days, the company plans to release Agentverse, which will provide an in-browser IDE for writing Fetch microagent applications and support a mailbox feature for agent message delivery and hosting that eliminates the need for Fetch agents to be online all the time. The company also plans to release other demonstrators of its agent tech in the DeFi space.
Recently, Bosch and Fetch AI also announced their collaboration to create the Fetch Foundation, which will research and develop Web3 technology for real-world use cases in areas such as mobility, industry and consumers. The foundation will be governed by a three-tier structure and inspired by the Linux Foundation’s decentralized innovation model. Bosch and Fetch AI will lead the foundation’s management board and seek to expand it with other industry participants.
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