Bosch and Fetch.ai have come together to launch an assistance program worth $100 million that will help drive the growth of Web3, AI, and decentralized technologies. The newly formed Fetch.ai Foundation will be dedicated to fostering the industrial application of advanced software, artificial intelligence and Web3 innovations..
In this collaboration, a funding programme for researching and creating practical decentralized tech applications has been created. Fetch.ai’s FET coin rose to $0.56 after the news broke, 12 percent higher than its previous $0.50.
What’s The Significance of This Collab?
Due to this collaboration between Bosch and Fetch.ai, various initiatives to support the development towards Web3-based products and services for consumer, industrial technology, and mobility industries will be getting a mega fund of $100 million! Over a three-year period, a limited group of partners and companies will be chosen to receive investments from the grant program.
Peter Busch, chairperson of the Fetch.ai Foundation, Bosch, was so excited to express how Bosch, one of the world’s leading industrial engineering and mobility solutions, is actively looking for ways to develop smarter technologies and governance to tackle the increasing complexities of connected environments when it comes to safety, and data ownership.
A Short Overview On Partners
Bosch, is one of the Europe’s largest auto-parts manufacturers and leading producers of auto ignition, fuel injection, and antilock braking systems. On the other hand, Fetch.ai is a really cool Cambridge-based Artificial Intelligence lab with a really interesting mission. Their main focus was on building a decentralized machine learning network.
But wait a minute, that’s not all Fetch.ai does. They’ve also been working on a revolutionary project to create an agent-based digital economy. They’ve been innovatively combining different technologies, such as software agents, AI, and Web3, to create a digital peer-to-peer economy that could revolutionize the way we do business.