Crypto project raises $40 million to develop artificial intelligence
Crypto project Fetch.ai raised $40 million to develop and deploy decentralized artificial intelligence
The developers plan to spend the funds to deploy a machine-learning system on the blockchain
Crypto project Fetch.ai has raised $40 million to develop artificial intelligence (AI) from investment firm DWF Labs. The investment will be used to develop and deploy decentralized machine learning, autonomous agents, and network infrastructure on the Fetch.ai platform, the project said in a press release.
Machine learning is the use of mathematical models that allow a computer to learn on its own by applying algorithms that identify patterns in the data. Autonomous AI agents are a network of independent tools that interact directly with each other by exchanging information stored in a blockchain.
"The Fetch.ai platform provides a complete solution for building and deploying applications with automation and artificial intelligence capabilities," said DWF Labs Managing Partner Andrei Grachev.
Investors have increased their attention to projects involving artificial intelligence developments after ChatGPT's chatbot grew in popularity and its parent company, OpenAI, attracted $10 billion in funding from Microsoft.
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Receiving $40 million from DWF Labs came at a $250 million valuation for Fetch.ai, according to The Block. In addition to developing AI technology, the project also plans to increase the number of developers in the ecosystem. To that end, it may soon raise another round of funding, with talks with investors currently underway.
On March 30, the market capitalization of the Fetch.ai native token (FET) was $390 million. According to CoinGecko, the capitalization of its closest competitor, AGIX from the SingularityNET project, is $505 million.
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