Fetch.ai helps companies build and deploy autonomous smart agents. Check out the 19-slide pitch deck it used to raise $40 million.
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- Cambridge-based Fetch.ai has secured $40 million from web3 investment firm DWF Labs.
- The startup deploys AI to create smart agents that interact between different services and devices.
- Check out the 19-slide deck it used to raise the fresh funds.
A startup that uses AI to improve the autonomy of digital agents has raised $40 million as investors continue to pile in on the breakthrough tech.
Agent technology includes the likes of Alexa and Siri; this software can be programmed to independently gather data and information from its surroundings and networks, without being specifically directed.
Cambridge-based Fetch.ai, founded in 2017, has developed technology that can help digital agents communicate with one another. The startup raised the fresh funds in a round led by Web3 investor DWF Labs.
“Agents can be used to provide an optimized service across a variety of ecosystems, for example, to conduct searches, negotiate and trade knowledge, and share both predictions and value,” Fetch.ai CEO Humayun Sheikh said.
Fetch.ai is the latest AI-driven startup to secure cash this year with investors keen to back the next OpenAI. RobinAI, which is focused on the legal sector, and meeting notes tool Supernormal have also landed funds in Europe. Elsewhere, London-based ElevenLabs is primed to raise a seed round led by Andreessen Horowitz and ex-GitHub CEO Nat Friedman.
Sheikh’s startup aims to tackle the issue of consumers having to sign up on multiple different apps, which have multiple integrations for various devices.
“Fetch.ai is solving the problem by providing a single integration and deployment platform,” Sheikh added. Its AI tools allow companies to develop, deploy and execute actions such as designing the product suite of a service, which then reduces the go-to-market time.
The independent agents set up via Fetch’s platform can then interact with each other on the blockchain network. Any transactions or activities between these various agents, who work with their own independent services, are recorded on the blockchain using Fetch.ai’s native token, FET. As these agents are programmed to operate autonomously, it saves companies both time and money as it cuts the need for user input.
The startup’s technology “will aim for multiple use cases focusing on gig service economy to start with,” Sheikh said. Its use cases span making the gig economy more accessible to both suppliers and consumers, to the charging and scheduling of electrical vehicles (EVs), and to making supply chains more interconnected and transparent.
With the fresh funds, Fetch.ai will develop and build out its technology. It will also invest funds in the go-to marketing strategy across various marketplace verticals and improving adoption, Sheikh said.
Check out the 19-slide deck used to secure the cash injection.