- DWF Labs has invested $40 million in Fetch.ai.
- The autonomous AI and web3 tech startup said it will use the fresh funding to revamp its tech offerings.
- Fetch.ai provides tooling for builders to develop and deploy monetisation solutions in their applications and platforms.
DWF Labs has announced a $40 million investment in Fetch.ai. The web3 automation infrastructure platform said it will use the fresh capital to support the development and deployment of autonomous agents, network infrastructure, and decentralised machine learning on its platform.
Fetch.ai is a web3 and automation AI tech startup that provides builders with the necessary tools to develop and deploy monetisation solutions in their applications and platforms.
The company offers a variety of web3 services and tools including a Cosmos-based wallet that can be activated as a browser extension enabling users to trade and transfer digital assets across the Cosmos ecosystem including NFTs, DeFi, and DAOs, among others.
Fetch.ai also offers an NFT marketplace through its Resonate decentralised social network, decentralised exchange, and several AI and machine learning tools.
Fetch.ai’s autonomous machine-to-machine ecosystem leverages blockchain technology allowing AI agents to work as a network of independent parties while directly interacting with each other.
All processes that conclude with agreements between agents are recorded on the Fetch.ai blockchain using the platform’s native token, $FET.
Commenting on his company’s huge investment in the startup, Andrei Grachev, the Managing Partner of DWF Labs said: “Fetch.ai’s platform provides a comprehensive solution for building and deploying peer-to-peer applications with automation and AI capabilities. Their technical architecture and decentralised approach to machine learning create a new paradigm for developers and entrepreneurs, and we’re thrilled to support their growth and development.”
DWF Labs is one of the leading technology incubators in the web3 space. In February 2023, the company co-led Yield Guild Games‘s (YGG) $13.8 million round raised via a private token sale. Last September, it also invested in Web3 finance management platform HQ’s $5 million pre-seed round that was led by Crypto.com.
Earlier this month, the Singapore-based digital assets investment company announced a partnership with Dubai’s DMCC “to support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai.”
This investment extends DWF’s portfolio of investments to another promising segment of the technology sector, automation AI.
Fetch.ai, on the other hand, is ramping up the development of its tech stack on the heels of its massive partnership with Bosch. The two companies launched a Decentralised Foundation for Web3 and AI tech last month.
Commenting on the partnership with DWF Labs, Fetch.ai’s CEO, Humayun Sheikh, said: “We are excited to partner with DWF Labs to accelerate the development and deployment of autonomous agents, network infrastructure, and decentralised machine learning on the Fetch.ai platform. This investment will help us advance our mission to bring automation and AI capabilities to the forefront of the decentralised technology industry.”
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