The Fetch.ai team has raised $40 million from venture firm DWF Labs. The startup is valued at $250 million, according to The Block.
The British Fetch.ai is developing technology for Autonomous Economic Agents (AEA).
Autonomous Economic Agents (AEA) are autonomous systems built on machine-learning algorithms that operate on behalf of their owners in various economic activities. For instance, they can search for profitable deals on the cryptocurrency market, purchase concert tickets, or book hotel rooms.
The product line includes: decentralised exchange Mettalex, the social network Resonate, the MOBIX micro-mobility ecosystem, and the Fetch Wallet.
The FET token is used to pay for services and network resources on Fetch.ai.
Founder and CEO Humayun Sheikh said talks with DWF began in January. The startup has already received half the funding, with the remainder to be disbursed in April.
The investment comprises a combination of equity and FET tokens. The funds will be directed to developing the project’s ecosystem and expanding in Asia.
“We need to attract more developers and launch applications, so DWF’s offer aligns with our plan. The investor will support us in this endeavour over the next 12-24 months,” added Sheikh.
The company currently employs 68 people. According to Sheikh, the startup does not plan to enlarge staff, focusing on developing the developer community.
According to CoinGecko, in the wake of the announcement the FET price rose by 8%. At the time of writing, the quotes had corrected — the asset was trading near $0.37.
Back in January 2023, the surge in popularity of the ChatGPT chatbot caused a local rally in the AI-tokens segment.