Fetch.ai clinches $5m investment from Canadian firm
Fetch.ai, a Cambridge-based AI lab which is building an open-access decentralised machine learning network for smart infrastructure, has negotiated a $5 million investment into its ecosystem with Canada-based Global Digital Assets through its growth finance arm GDA Capital.
In conjunction with the newest injection of funds, FET, Fetch.ai’s native token, will also be added to Fireblocks’ secure wallet and infrastructure platform for institutional investments.
Fetch.ai provides a decentralised framework for building and customising autonomous AI agents to carry out complex coordination tasks.
The platform is powered by its native token FET, which acts as the primary medium of exchange across the Fetch.ai ecosystem and a range of applications designed by the Fetch.ai team.
With a strong track record of both public and private partnerships including a multi-agent-based system integrated with over 700,000 hotels, and the powering of a decentralised marketplace for the global manufacturer Festo, Fetch.ai has created a network driven by cutting edge technology.
GDA’s Executive VP of Capital Markets, Karl Samsen, says: “While blockchain has been a revolutionary phenomenon in its own right, a lot of people have been conveniently ignoring the disruptive potential autonomous technologies pose to our industry.
“We’re thrilled to offer our financial and strategic support to Fetch as they are a group that embraces this disruptive competition and is building out a solution that leverages the best of both blockchain integration and autonomous tech in real-time.”
The allocation of funds from GDA Group & affiliates into the Fetch ecosystem paired with FET’s integration onto the Fireblocks infrastructure platform, which currently supports 200 enterprise and institutional customers, points to institutional interest in the Fetch.ai ecosystem.
The investment will be distributed over a period of time and will come with additional funding from interested capital partners during 2021. The allocation of funds will be used for the research and development of Fetch.ai’s existing applications as well as those in the pipeline.
It will be instrumental in bringing Fetch.ai’s overarching vision of its AI and Blockchain-based applications closer to commercialisation.
Humayun Sheikh, CEO of Fetch.ai, said: “Fetch.ai’s integration with Fireblocks and the investment we have received from GDA group & affiliates could not have come at a more opportune time.
“With the Fireblocks integration, Fetch now has the necessary infrastructure to bring on institutional capital and strategic support, a moment realised and acted upon by GDA. We look forward to working with both teams to take the Fetch ecosystem to its next stage of growth and development.”