Blockchain Startup Fetch.ai Raised $40 Million; FET Token Rises 12%
Fetch.ai, a startup developing a decentralized network for digital representatives, has raised $40 million, with DWF Labs leading the investment. DWF Labs is a market maker and an investment company that has invested in more than 43 companies.
Artificial intelligence has been in the limelight due to its advanced functions, double efficiency and short time. AI is a simulation of human intelligence processed by a machine.
The AI-centric startup noted that it is developing tools that focus on “autonomous agents, network infrastructure and machine learning,” which help enable communication and actions between artificial intelligence applications. The vision behind it is to make the work produced by AI more accurate and actionable.
In an interview, Humayun Sheikh, CEO of Fetch.ai, stated that there is a specified role for Fetch.ai behind developing a learning model and providing a fairer, traceable and traceable approach to AI using distributed ledgers for entities to store data on these models.
The CEO of Fetch.ai expressed that the team is excited to increase the development and deployment of “autonomous agents, network infrastructure and decentralized machine learning on the Fetch.ai platform.” He adds that the investment from DWF Labs will help the startup modernize its mission and bring automation and AI capabilities to the forefront of the decentralized technology industry.
Until now, Fetch.ai has been focused on working with IP and technology development. In addition, the company has already received several patent applications and patents issued in the USA and Europe.
Fetch.ai is based on blockchain technology and has its digital token, FET, which can be used on the platform. At press time, the FET token was trading at $0.3753 with a 24-hour trading volume of $110,799,947.
FET token trading volume and prices accelerated after the fundraising news. In the last 24 hours, trading volume jumped as high as 83% and token prices rose by 12%.
The FET token is on Coinbase, Gemini, KuCoin, Bitfinex, Kraken, Osmosis and several other crypto exchanges. According to CoinMarketCap, the FET token is ranked 120 in the market with a market dominance of 0.03%.
Earlier this week, the AI startup launched its new notification feature for the Fetch.ai wallet 0.8. This feature will help the wallet user to stay updated about the upcoming announcement, upgrades, partnerships and more related to the Fetch.ai network.
According to Crunchbase data, DWF Labs has invested in over 43 companies, most recently investing in Synthetix, Radix, and Tomi. Since January 2023, the investment firm has invested in more than 10 companies. Mask Network, Flare Network, Coin98, Yield Guild Games, TON(The Open Network) and Conflux are some of DWF’s major investments.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by blockchain technology and its function.
