Blockchain startup Fetch.ai has announced it has secured $40 million in a funding round led by Digital Currency Group, Anning Capital, and other venture firms. The aim of the funding is to provide monetization and other tooling to businesses that use AI-generated data.
Fetch.ai bills itself as a “Decentralized Autonomous Economic Agent” that helps to bridge the gap between the fields of artificial intelligence, machine learning, and blockchain technology. It allows developers to build and unlock new economic opportunities with AI-generated data. The startup wants to “make it easier and more affordable for businesses to access, consume and monetize the data generated by AI-driven services”.
The money from the funding round will be used to build out Fetch.ai’s current ecosystem, which is made up of the open source Fetch protocol, various SDKs and libraries, and the Fetch distributed ledger. Fetch.ai says that it plans to use the money to build out its various components, expand its teams in Cambridge, London and Singapore, as well as “establish partnerships to extend key new elements”.
Fetch.ai also wants to focus on growing out its business-facing tools and features. This will include monetization features and tooling to help businesses capture the data generated by their AI-driven services. As well, Fetch.ai wants to “accelerate the development of decentralised solutions to tackle real-world problems”.
Fetch.ai’s CEO Humayun Sheikh has spoken about the potential of the funding round, saying, “We’re humbled by the support of a world-class team of investors who clearly recognise the significance of our approach and platform. We are now well placed to make Fetch.ai an innovative presence in the rapidly advancing world of AI and decentralised applications.”
It is clear that Fetch.ai sees a great deal of opportunity in leveraging the data generated by AI. Fetch.ai’s approach is to make this data more accessible and affordable for businesses. With its latest funding, Fetch.ai will be able to build out its platform and develop the tooling necessary to make AI-generated information more usable and, potentially, more profitable for businesses.
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