- Fetch.ai collaborates with Bosch in launching the Fetch.ai Foundation which will implement Web3 for real world use cases.
- The foundation will feature a three-teir governance structure and the Linux foundation architecture.
- Fetch.ai will invest over $100 million in industrial AI via various grant programs.
Bosch, a German electronics giant, and Fetch.ai, a crypto protocol focused on AI, have announced a new collaboration to launch the Fetch.ai Foundation. The Foundation will be geared towards studying, developing, and exploiting Web3 technologies for real-world use cases in the mobility, industrial, and consumer sectors.
According to a blog post by Fetch.ai, the Foundation will feature a three-tier governance structure and a similar architecture to the Linux Foundation, which has succeeded in decentralizing innovation at a scale while adopting open-source technologies and ecosystems.
Upon its launch, Bosch and Fetch.ai will lead the Foundation’s management board, which will be expanded with additional significant industry participants.
In the statement, Humayun Sheikh, CEO & Founder of Fetch.ai, expressed his excitement about the new journey of integrating Web3 into real-world applications through this partnership. He said:
“Bosch will also help us fast-track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.”
In another press release, Humayun revealed that the company would dedicate over $100 million to industrial AI through various grant programs in collaboration with other partners over the next three years. He also invited other industry players to join the Fetch.ai foundation and participate in developing AI-driven solutions.
Bosch is one of the worldwide leaders in industrial engineering and mobility solutions; hence this initiative provides a platform for the company to explore Web3 and its capabilities. “In combining disrupting Web3, AI, and Open Source technologies with the proven world-class hardware and software capabilities of the classic engineering corporations, this foundation is the perfect endeavor at the right time,” said Peter Busch, President of the Foundation and one of the Bosch representatives on the fetch.ai Foundation Council, as he described the possibilities opened up by this Foundation.
A trend of high-profile partnerships
The partnership between Bosch and Fetch.ai began in 2019 when Bosch joined Fetch.ai’s test network. In 2021, the duo collaborated to launch a multi-purpose blockchain network. The blockchain aimed to introduce distributed ledger technology to various sectors. The network was specifically tailored to develop machine learning solutions for blockchain governance that may be used in multiple use cases.
Before that, Fetch.ai had secured multiple partnerships with high-profile companies, especially in Germany. In November 2020, the firm partnered with Datarella, a solutions provider, to launch a “Smart City” infrastructure trial in Munich, Germany. The problem used a multi-agent blockchain-based AI platform to optimize parking space management at the building.
In May 2019, Fetch.ai collaborated with Deutsche Telekom to develop a decentralized IoT network. As per the agreement, Fetch.AI was to design and deploy autonomous agents (AEAs) on the Fetch.AI test network to incorporate them into Internet of Things (IoT) device connections.
Aside from that,Fetch.ai has also signed agreements with other companies, including ZoidPay and SubQuery, to further various agendas within the AI, crypto, and Web3 spaces.
