fbpx

Cambridge-based Fetch.ai by DeepMind pioneers scores £3.6M for developing decentralised AI

DeepMind is popularly considered the most prominent AI company globally. However, Humayun Sheikh, an early investor who helped the London-based DeepMind commercialise its AI technology owned by Google now, is brewing its rival in Cambridge, dubbed as Fetch.ai.

The Cambridge-based blockchain machine learning platform has now got $5 million (£3.6 million approx) funding from GDA Group, a Toronto-based digital asset firm.

The funding will be used for the research and development to develop the company’s existing and future applications, building a decentralised machine learning platform based on a distributed ledger that enables secure sharing, connection, and transactions based on any data globally. 

Democratise AI

Fetch wants to “democratise” AI, to create a system that makes the world much smarter using an “agent-based” exchange system. They do it by selling their proprietary technology to traditional brick-and-mortar companies that want to make operations smarter, such as supply chain and manufacturing or trading, but are stuck with legacy IT systems. Fetch agents exist in a massive decentralised world, representing machines or humans to talk to each other to exchange data or economic value.

The platform is powered by its native token FET, which acts as the primary medium of exchange across the Fetch.ai ecosystem and a range of applications designed by the Fetch.ai team. 

With a strong track record of both public and private partnerships including a decentralised, multi-agent-based system that is integrated with over 700,000 hotels, and the powering of a decentralised marketplace for the global manufacturer Festo, Fetch.ai has created a network driven by cutting edge technology.

Fireblock’s secure wallet

In conjunction with the newest injection of funds, FET, Fetch.ai’s native token, will also be added to Fireblocks’ secure wallet and infrastructure platform for institutional investments.

“While blockchain has been a revolutionary phenomenon in its own right, a lot of people have been conveniently ignoring the disruptive potential autonomous technologies pose to our industry,” said GDA’s Executive VP of Capital Markets, Karl Samsen.

“With the Fireblocks integration, Fetch now has the necessary infrastructure to bring on institutional capital and strategic support, a moment realised and acted upon by GDA. We look forward to working with both teams to take the Fetch ecosystem to its next stage of growth and development,” said Humayun Sheikh, CEO of Fetch.ai.