Bosch and Fetch.AI Launch $100M Foundation to Fuel Web3 Adoption

German multinational engineering giant Bosch and Cambridge-based artificial intelligence lab – Fetch.ai – have jointly unveiled a new foundation focused on fueling industrial adoption of software agents, AI, and Web3 technology.

Dubbed – Fetch.ai Foundation – this new initiative will focus on areas such as research and development as well as harnessing the application and adoption of agents, Artificial Intelligence, and Web3 decentralized technologies for real-world use cases to improve the existing network.

• The target will also be to assist in the long-term development of Web3-powered solutions and services in sectors across mobility, industrial tech, and consumer products.
• In a press release shared with CryptoPotato, Humayun Sheikh, Fetch.ai’s Founder and CEO commented,

“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. We would also like to encourage other industrial players to join the foundation to steer and influence the development of this AI-powered peer-to-peer tech stack.”

• At launch, the foundation’s board will be anchored by the Fetch.ai and Bosch teams. Meanwhile, the focus will be on slowly developing strategic participant growth with businesses that seek to develop the infrastructure for a “decentralized digital economy” driven by AI.
• To that extent, Peter Busch, Chairperson of the Fetch.ai Foundation, believes combining disrupting technologies with the proven world-class hardware and software capabilities of the classic engineering corporations is crucial which will ultimately pave the way for other partners to join. Busch further added,

“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”