Bosch and Fetch.ai have partnered for a $100 million grant program to fund Web3, artificial intelligence (AI) and decentralized technology development.
The two companies are collaborating to create the Fetch.ai Foundation, which aims to advance the adoption of innovative software, artificial intelligence and Web3 technologies in industry. The program will fund research and development of decentralized technologies for real-world use cases.
The program will provide $100 million in grants to fund the long-term development of Web3-based solutions and services for the mobile, industrial technology, and consumer industries. The announcement shared with Cointelegraph indicates that the grants program will invest in selected companies and partners over a three-year period. Fetch.ai is an artificial intelligence company based in Cambridge developing decentralized machine learning networks in partnership with global engineering company Bosch. The latter offers a host of Internet of Things (IoT) solutions, noting that its strategic goal is to facilitate the development of artificial intelligence products and devices. As part of this ongoing effort, it is also exploring Web3 technologies.
Fetch.ai Foundation board members will come from Bosch and Fetch.ai and will seek to fund specific ventures and companies in the field of industrial artificial intelligence. Peter Busch, chairman of the Fetch.ai Foundation, said Bosch is interested in leveraging the technology in development: “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.”
The combination of Web3, artificial intelligence and open source technologies with classic engineering is a key driver of the foundation's mission through its grant programs, Busch said. Bosch and Fetch.ai first collaborated in February 2021 to launch a multipurpose blockchain network focused on Web3 capabilities combining artificial intelligence and the Internet of Things.
