A German multinational engineering and technology company Bosch joined hands with Cambridge-based AI lab, Fetch.ai to introduce a foundation dedicated to accelerating the adoption of software agents, AI, and Web3 technology.
The launch will work on different areas, including research and development. Fetch.ai Foundation will also embrace the development and adoption of agents, Artificial Intelligence, and Web3 decentralized technologies for real-world use cases to improve the existing network.
The foundation will help in the long-term development of Web3-powered solutions and services in sectors across mobility, industrial tech, and consumer products.
Fetch.ai’s Founder and CEO, Humayun Sheikh stated that “Over the next three years, our team will look to inject upwards of $100 million into industrial AI through various grant programs as a way to accelerate growth within our space alongside like-minded businesses and partners.”
After the initial level of collaboration between the Fetch.ai and Bosch teams, the foundation will follow the path of slowly developing strategic participant growth with businesses. It will help those businesses that need an infrastructure for a “decentralized digital economy” driven by AI.
Peter Busch, Chairperson of the Fetch.ai Foundation affirmed that the amalgamation of cutting-edge technology with the proven world-class hardware and software capabilities of the classic engineering corporations is important. It will help the development to entice other partners to join.
“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”.
Compiled by Coinbold