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Fetch.ai will use the investment to deploy decentralized machine learning, autonomous agents, and network infrastructure on its platform.
Fetch.ai, an artificial intelligence (AI) lab developing a decentralized machine learning network with a crypto economy, has raised $40 million from market maker and investment firm DWF Labs. Reportedly, Fetch.ai intends to use the investment to deploy a decentralized machine-learning network infrastructure on its protocol. Following the announcement, Fetch.ai’s utility token FET gained about 4.21 percent in the last 24 hours to trade around $0.377 during the early Asian market on Thursday.
The Rise of Fetch.ai
Artificial intelligence (AI) is expected to play a significant role in most global tech companies, especially in post-Covid recovery. Moreover, artificial intelligence helps tech companies scale at an unprecedented level amid rising worldwide inflation and competition. Nevertheless, the rise of artificial intelligence has raised concerns about its profound risk to society and humanity.
As a result, over 1,000 technology leaders and researchers, including Elon Musk, signed an open letter urging a pause on artificial intelligence development.
Elon Musk and top AI researchers call for pause on ‘giant AI experiments’ https://t.co/RVx2X62Q0m pic.twitter.com/YqFxnl6Yxf
— The Verge (@verge) March 29, 2023
Nevertheless, Fetch.ai understands the importance of a vibrant community, thus the use of cryptocurrency to open up the economy. Consequently, the Fetch.ai team has noted that it will focus on its Asian community in building a society of developers following the funding by DWF.
“DWF is quite active in the Asian community, building developer communities around the different projects it is investing in,” Fetch.ai founder and CEO Humayun Sheikh stated. “We need to bring in more developers and launch applications, so DWF’s proposition fits our plan. DWF will support us with that over the next 12 to 24 months.”
Reportedly, almost half of the funding amount has been injected into the Fetch.ai economy through FET tokens, and the rest is expected within the next month. In an interview with crypto outlet the block, Sheikh stated that Fetch.ai had conducted initial talks with DWF since late January.
Fetch.ai (FET) has posted significant gains since November last year. According to the latest market data, FET traded around $0.061 in November last year and rose to a high of $0.54 during the January and February crypto rally.
The rise of FET has attracted significant crypto traders’ attention. Moreover, Fetch.ai is building automation tools to assist people to interact seamlessly with applications.
“What we are trying to do is bring automation so people don’t have to interact with too many applications. So life is a lot simpler by performing tasks from one place,” Sheikh said. “We are opening up our infrastructure to developers to build different applications so users can enjoy the automation journey in a decentralized fashion.”