Fetch.ai Raises $40 Million to Develop Automation and AI Tools

Mendel, b2b, b2b payments, corporate spend management, fundraise

DWF Labs has reportedly invested $40 million in Fetch.ai.

Fetch.ai will use the new funding from the global digital asset market maker and Web3 investment firm to further its aim of providing an autonomous machine-to-machine ecosystem to help developers deploy and monetize their applications, CoinDesk reported Wednesday (March 29).

Specifically, the company will add to its platform decentralized machine learning, autonomous agents and network infrastructure, according to the report.

DWF Labs did not immediately reply to PYMNTS’ request for comment.

“Fetch.ai’s platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities,” DWF Labs Managing Partner Andrei Grachev told CoinDesk.

Fetch.ai is incorporated in England and Singapore and develops AI projects for blockchain databases.

The firm helps businesses “build, deploy and connect smart agents to automate Web3 systems and reinvent business models,” according to its website.

These “smart agents” are autonomous software code that act on behalf of humans, organizations or machines and perform tasks, the site said.

After the viral success of the AI-driven tools ChatGPT and DALL-E, crypto traders are looking at AI-focused tokens as a growth sector, according to the CoinDesk report.

Fetch.ai’s native token, FET, now has a $400 million market cap, the report said.

The report comes on the heels of research released Monday (March 27) by Goldman Sachs that found that advances in AI technology could eventually impact 300 million jobs worldwide.

Automation could impact 25% of jobs in the U.S. and Europe, with attorneys and administrative workers at the highest risk of job loss, according to the research.

Similarly, a paper released by researchers from ChatGPT creator OpenAI estimated that the potential implications of generative pre-trained transformer (GPT) models and next-generation software tools built atop them could impact up to half the tasks necessary for 19% of the jobs in the U.S.

In another recent investment related to AI, Hazy raised $9 million in Series A funding for its solutions that use AI-generated synthetic data with no real information to replace real data, thereby eliminating privacy risks while preserving statistical quality.

“Hazy has been working in the generative AI field since our inception in 2017, and we are excited to see where the space goes,” Hazy Co-founder and CEO Harry Keen said Tuesday (March 28).