In a collaboration between Bosch and Fetch.ai, $100 million is set aside for an assistance program that will support the development of Web3, artificial intelligence (AI), and decentralized technologies. The Fetch.ai Foundation, which the two businesses are working to establish, aims to accelerate industrial adoption of cutting-edge software, AI, and Web3 technologies. The programme will provide funding for decentralized technology research and development for practical use cases.
The FET coin by Fetch.ai soared by 12% to $0.56 from $0.50 levels after the announcement was made. The coin is currently trading at $0.45 as per Coinmarketcap.
For the long-term development of Web3-based products and services for the consumer, industrial technology, and mobility industries, the initiative will provide funds totaling $100 million. According to a statement provided to a news publishing house, the grant program will make investments in a limited number of partners and companies over a three-year period.
The Cambridge-based artificial intelligence company Fetch.ai has collaborated with the large engineering and German technology business Bosch on the development of a decentralized machine learning network. The latter offers a variety of Internet of Things (IoT) solutions and mentions that one of its strategic goals is to speed up the creation of AI-powered goods and appliances. As part of this continuous effort, Web3 technologies are also being investigated.
The board of the Fetch.ai Foundation, which will include representatives from both Bosch and Fetch.ai, will strive to support certain ventures and firms in the industrial AI sector. Bosch is interested in leveraging emerging technologies, according to Peter Busch, chair of the Fetch.ai Foundation.