Fetch.ai, a blockchain-based machine learning platform, recently announced that the GDA Group and its affiliates would invest $5 million in the Fetch ecosystem. The Cambridge-headquartered business will use the fresh money for the research and development of Fetch’s current and potential applications.
“The integration of Fetch.ai with Fireblocks, as well as the investment from GDA group and affiliates, could not have come at a better time,” said Humayun Sheikh, CEO of Fetch.ai. The emphasis will be on developing a decentralised machine learning framework based on a distributed ledger that allows for safe data sharing, connection, and transactions anywhere in the world.
DeepMind was founded by Humayun Sheikh, who was a founding partner. He had spent over four years working with Demis Hasabis before choosing to go it alone.
“While blockchain has been a groundbreaking phenomenon in and of itself, many people have conveniently ignored the disruptive potential autonomous technologies pose to our industry,” said Karl Samsen, GDA's Executive Vice President of Capital Markets. Fetch is a company that welcomes this revolutionary rivalry and is building out a solution that leverages the best of both blockchain integration and autonomous tech in real-time, so we're excited to give our financial and strategic support to them.
In the last four years, Fetch has raised a total of $26 million in three rounds of funding.
What Exactly Is Fetch?
Fetch is a smart infrastructure platform based on a decentralised digital economy. Fetch is an open source platform that allows users to create and customise autonomous AI agents to carry out complex coordination tasks. Fetch is developing a real-time application that combines the best of blockchain integration and autonomous technology.Sheikh and his team are pushing for a smarter world using an agent-based exchange system, with a strong focus on democratising AI.
The Fetch architecture provides a specific contract capability to deploy ML/AI solutions for decentralised problem-solving. The platform is operated by FET, the platform's native token, and is built on a high-throughput shared ledger. The primary medium of exchange in the Fetch ecosystem is FET.
Fetch, in a nutshell, provides a vast decentralised digital world where Autonomous Economic Agents (AEAs) can perform useful economic work on behalf of humans or machines. It makes use of a Directed Acyclic Graph structure, which allows the smart ledger to scale to millions of transactions per second at a near-zero cost. Machine learning algorithms also allow the ledger to probabilistically evaluate the validity of a transaction.
The system has a tremendous potential in many ways, benefitting both suppliers and customers. Delivery agents, autonomous AI travel agents, smart cities, product exchange, transportation and mobility, and other areas are among the applications.
In addition, Fetch.ai has teamed up with Bosch to launch a completely functional blockchain network. Bosch and Fetch hope to use distributed ledger technologies (DLTs) such as blockchain to transform current digital ecosystems.
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