Fetch.ai is a startup that is anticipating when the hype around artificial intelligence (AI) will shift from being Promethean to something more practical. With $40 million in funding, Fetch.ai aims to provide a general AI platform that can be used by businesses and researchers across industries. While there are many questions that still need to be answered about the long-term costs and efficacy of using AI, Fetch.ai believes that its platform can help speed up the process of realizing these benefits while minimizing risks.
The startup is betting that its tooling will help make the work produced by AI applications more actionable, thereby making them more useful. If the company can able to achieve this, it could have a significant impact on how businesses operate.
Humayun Sheikh believes that Fetch.ai’s distributed ledger technology can help to create tangible learning models that are more equitable and traceable. This would allow entities to voluntarily share data with one another, which would then be used to improve AI as a whole.
Fetch is a company that specializes in developing technology to help companies manage their intellectual property (IP) and protect their products. Its founders, both experienced engineers, recognized the need for an easy-to-use IP management platform and set out to fill it. Fetch’s platform allows businesses to keep track of their IP, assign rights to it, and manage licensing agreements. The platform is versatile and easy to use, making it ideal for small businesses as well as multinational corporations.
Fetch.ai is an ambitious blockchain-based platform that is built on the idea of “smart contracts for services.” The company has already released a notification feature for its Fetch wallet, and it plans to launch commercial services later this year. The capital that it’s announcing today will be invested in the development of this platform, which appears to be well on its way to success.
The large funding to DWF Labs is an indication of the high interest in cryptocurrencies and blockchain technology, and it will help the incubator to expand its operations. Digital Wave Finance is a well-established company, and its investment in DWF Labs will help to further develop this promising new technology.
Interestingly enough, both DWF Labs and Tomi are investing in blockchain projects, with each aiming to create an alternative internet. In addition, DWF is also backing TON, which was originally part of Telegram but resurfaced as a separate project after its original effort collapsed. This shows the increasing interest in blockchain technology and its potential to create new platforms and systems that spurn traditional methods of communication.
Sheikh believes that Fetch.ai’s approach of using blockchain to build AI models is just one example of how the technology can be used for non-financial purposes. By using blockchain, he is able to ensure that data is secure and tamper-proof, two important considerations when building AI models.
An obstacle to widespread adoption of autonomous vehicles is the prohibitive cost of getting them up to speed. Building self-driving models requires enormous amounts of data – similar to the way that traditional models are built – but without large investments in sensors and infrastructure, ordinary people will not be able to afford this technology.
Pilot projects like Fetch.ai and its predecessor, the 2020 parking project, could help reduce congestion in cities by making it easier for people to get around without needing to drive. By using artificial intelligence to help determine which parking lots are free and what prices should be charged, these projects can also encourage more people to use public transportation instead of driving. These initiatives could have a huge impact on reducing pollution levels in cities and helping residents conserve fuel costs.
Providing a platform that allows users to take full advantage of generative AI and its capabilities will undoubtedly be profitable for Fetch.ai. The startup plans to create services that allow users to connect their results from applications with the purchase of items, which will in turn using FET tokens as a means of payment. With the growing popularity of AI and its ability to provide results that are tailored specifically for each individual, there is certainly potential for this company to thrive in the years ahead.
What Fetch.ai is doing with its artificial intelligence-powered platform is nothing short of revolutionary. By building beyond basic “wow” applications, the company is showing that explorations in the space are a sign of how hype might ultimately land in the world of real usage.
Fetch.ai’s platform will provide developers and entrepreneurs with a new paradigm for peer-to-peer applications that employs automation and AI capabilities. Fetch.ai’s decentralised approach to machine learning allows for greater flexibility and control over how the apps are built, which will appeal to a wide range of users.