Fetch.ai, a startup that develops a decentralized network for digital representatives, has raised $40M, and DWF Labs led the investment. DWF Labs is a market maker and an investment firm that has invested in more than 43 companies.
Artificial Intelligence has been in the limelight because of its advanced features, double efficiency, and consuming little time. AI is a simulation of human intelligence processed by a machine.
The AI-centric startup noted that it is developing tooling that focuses on “autonomous agents, network infrastructure and machine learning,” which helps enable communication and actions between Artificial Intelligence applications. The vision behind it is to make the work produced by AI more accurate and actionable.
In an interview, Humayun Sheikh, the Chief Executive Officer of Fetch.ai, stated that there is a specified role of Fetch.ai behind developing a learning model and offering a more equitable, traceable, and trackable approach to AI using distributed ledgers for entities to store data on those models.
The CEO of Fetch.ai expressed that the team is excited to boost the development and deployment of ”autonomous agents, networks infrastructure and decentralized machine learning on the Fetch.ai platform.” He adds that the investment by DWF Labs will help the startup to modernize its mission and to bring automation and AI capabilities to the frontline of the decentralized technology industry.
Until now, Fetch.ai was focused on working in IP and technology development. Moreover, the company has already gained several patent applications and patents issued in the United States and Europe.
Fetch.ai is based on blockchain technology and has its digital token, FET, that can be used on its platform. At press time, the FET token was trading at $0.3753 with a 24-hour trading volume of $110,799,947.
FET tokens’ trading volume and prices accelerated after the news of fundraising. In the last 24 hours, the trading volume jumped as high as 83%, and token prices climbed by 12%.
The FET token is on Coinbase, Gemini, KuCoin, Bitfinex, Kraken, Osmosis, and several other crypto exchanges. According to CoinMarketCap, the FET token is ranked 120 in the market with a market dominance of 0.03%.
Earlier this week, the AI startup launched its new notification feature for its Fetch.ai wallet 0.8. This feature will help the wallet user to stay updated about the upcoming announcement, upgrades, partnerships, and more related to the Fetch.ai network.
According to Crunchbase data, DWF Labs has invested in over 43 companies, and most recently, it has invested in Synthetix, Radix, and Tomi. Since January 2023, the investment firm has invested in more than 10 companies. Mask Network, Flare Network, Coin98, Yield Guild Games, TON(The Open Network), and Conflux are some of DWF’s major investments.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/30/blockchain-startup-fetch-ai-raised-40m-fet-token-soar-12/