A UK company behind ‘autonomous agent’ technology has secured $40 million in investment.
Fetch.ai, based in Cambridge, has been backed by tech incubator DWF Labs, a digital asset market maker and Web3 investment firm with offices in Singapore, Switzerland, the UAE, Hong Kong, South Korea and British Virgin Islands.
The platform powers peer-to-peer applications with automation and AI capabilities. The investment will support the development and deployment of autonomous agents, network infrastructure, and decentralised machine learning on the Fetch.ai platform.
Fetch.ai’s platform provides all the necessary tooling for builders to develop, deploy and monetise their applications and platforms. As an autonomous machine-to-machine ecosystem, Fetch.ai’s agents work as a network of independent parties that interact with each other directly and store information via the blockchain network.
The process of autonomous economic agents finding, negotiating, and interacting with each other is all automated, and requires no user input, which reduces costs and removes the reliance on intermediaries.
Any resulting agreements between agents are then recorded on the Fetch.ai blockchain using FET, the native token of the Fetch.ai blockchain, which is the main medium of exchange to pay for transactions and can be used to pay agents for providing services.
“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,” said Andrei Grachev, managing partner of DWF Labs.
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Crypto prices
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