Fetch.ai Secures $40M in Funding for AI Monetization and Tooling on Blockchain

Fetch.ai Secures $40M in Funding for AI Monetization and Tooling on Blockchain

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Blockchain technology has become increasingly popular in recent years, with many startups leveraging its capabilities to provide innovative solutions. One such startup, Fetch.ai, has recently raised $40 million in funding to develop monetization and tooling for AI-generated information on the blockchain.

What is Fetch.ai?

Fetch.ai is a blockchain-based platform that aims to provide autonomous economic agents that can collaborate with each other to perform tasks in the physical world. The platform leverages machine learning, artificial intelligence (AI), and blockchain technology to create a decentralized digital economy where machines can perform tasks without human intervention.

The platform’s autonomous agents are designed to interact with each other to create value by sharing data, resources, and skills. This allows for the creation of a decentralized digital marketplace where agents can buy and sell goods and services with each other.

Fetch.ai’s $40 Million Funding Round

Fetch.ai recently announced that it has raised $40 million in funding to further develop its platform. The funding round was led by Outlier Ventures, with participation from other investors such as Metapurse, Animoca Brands, and LongHash Ventures.

According to Fetch.ai’s CEO, Humayun Sheikh, the funding will be used to expand the platform’s capabilities and to develop monetization and tooling for AI-generated information on the blockchain. The platform aims to provide a marketplace for AI-generated data, where agents can buy and sell data with each other.

Monetization and Tooling for AI-generated Information

One of the main goals of Fetch.ai is to provide a platform for the monetization and tooling of AI-generated information. The platform aims to create a marketplace for AI-generated data, where agents can buy and sell data with each other. This will allow businesses and organizations to access a wide range of data to improve their operations and decision-making processes.

The platform’s autonomous agents will be able to collect data from various sources, such as IoT devices, social media platforms, and other data sources. The data will then be analyzed using machine learning algorithms to extract insights and create value for businesses and organizations.

In addition to the monetization of AI-generated data, Fetch.ai also aims to provide tooling for AI developers to create and deploy their own autonomous agents. The platform’s tools will enable developers to create agents that can perform specific tasks, such as data collection, analysis, and decision-making.

The Benefits of Fetch.ai’s Platform

Fetch.ai’s platform has several benefits that make it an attractive option for businesses and organizations. These benefits include:

Decentralization

The platform is decentralized, which means that there is no central authority controlling the data and resources on the platform. This allows for greater transparency and trust, as all transactions are recorded on the blockchain.

Autonomy

The platform’s autonomous agents can perform tasks without human intervention. This allows for greater efficiency and scalability, as agents can perform tasks around the clock without the need for human supervision.

Data Monetization

The platform provides a marketplace for AI-generated data, allowing businesses and organizations to access a wide range of data to improve their operations and decision-making processes.

Tooling for AI Developers

Fetch.ai’s platform provides tooling for AI developers to create and deploy their own autonomous agents. This enables developers to create agents that can perform specific tasks, such as data collection, analysis, and decision-making.

Conclusion

Fetch.ai’s platform has the potential to revolutionize the way businesses and organizations access and use AI-generated data. The platform’s autonomous agents, combined with its decentralized architecture and tooling for AI developers, provide a powerful platform for the creation of a decentralized digital economy.

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