Bosch, the electronics giant, and Fetch.ai, a crypto protocol focused on artificial intelligence, have joined forces to establish the Fetch.ai Foundation.
Bosch and Fetch.ai have partnered to stimulate industrial adoption of cutting-edge software, artificial intelligence, and Web3 technologies. The partnership will fund research and development of decentralized technologies for practical applications in real-world use cases.
https://twitter.com/Fetch_ai/status/1627960953248555009
The foundation will allocate $100 million to a grant program that finances the development of long-term solutions and services based on Web3 for the mobility, industrial technology, consumer industries, artificial intelligence, and decentralized technologies.
The governance structure of the Fetch.ai Foundation will consist of three tiers and will be modeled after the decentralized innovation approach of the Linux Foundation.
Peter Busch, the chairperson of the Fetch.ai Foundation, stated that the foundation’s board will include members from both Fetch.ai and Bosch, and it will seek to finance specific businesses and companies in the industrial AI sector. Busch also noted that Bosch is interested in leveraging emerging technologies:
“Bosch as one of the worldwide leaders in industrial engineering and mobility solutions sees the huge need for smarter technologies and governance to cope with the challenges coming with ever more connected ecosystems regarding safety/security, privacy, and data ownership.”
According to Busch, the Fetch.ai Foundation aims to integrate Web3, AI, and open-source technologies with traditional engineering, and this objective is to be achieved through the grant program.
Fetch.ai founder, Humayun Sheikh, stated that “Bosch’s involvement will accelerate the adoption of Web3 technology in the industry, encourage other industry players to join them and create new business opportunities for existing tech entrepreneurs in the Fetch.ai ecosystem”.
The newly established Fetch.ai Foundation seeks to attract more participants and enhance currently-used technical applications with active contributions and participation from its members.
According to CoinGecko data, the token of Fetch.ai has surged by 12% to almost 5 cents in the past 24 hours.
The establishment of the Fetch.ai Foundation coincides with the growing interest in cryptocurrencies focused on artificial intelligence among traders and investors.
In February 2021, Bosch and Fetch.ai joined forces to launch a multi-purpose blockchain network that focused on the Web3 capabilities, incorporating AI and IoT.
