Cambridge-based startup Fetch.ai has secured $40m in funding to support the development of its tooling for autonomous agents, decentralised machine learning and network infrastructure, which will enable communication and actions between AI applications to make their work more actionable. The company, which uses blockchain technology, has already created a FET token that will be used on its platform. CEO Humayun Sheikh believes there is a role for Fetch.ai in the creation of learning models, providing a more equitable and traceable approach to AI by way of distributed ledgers for entities to feed data into those models.
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Fetch.ai has a very ambitious roadmap and the funding will be invested in its work as it gears up to launch commercial services later this year. While there are already some aspects of its platform live, such as the recently launched “Notyphi” notification feature for use in connection with the Fetch wallet, the company has much more to achieve. Sheikh said that the capital it announced will be invested in that work as Fetch gears up to launch commercial services later this year. The funding has been provided by Digital Wave Finance, a top five trading entity by volume in cryptocurrency, according to incubator DWF Labs, which is connected to it. Fetch.ai believes it is not just another crypto startup and intends to use blockchain for non-financial purposes.