$100 million is earmarked for a grant program funding the development of Web3, artificial intelligence (AI), and decentralized technologies in collaboration between Bosch and Fetch.ai.
The two companies are working together to create the Fetch.ai Foundation, which aims to support industry adoption of innovative software, AI and Web3 technologies. The initiative 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 mobility, industrial technology and consumer industries. An announcement shared with Cointelegraph indicates that the grant program will invest in selected companies and partners over a period of three years.
Fetch.ai is a Cambridge artificial intelligence company developing a decentralized machine learning network that has partnered with global engineering and technology company Bosch. The latter provides a range of Internet of Things (IoT) solutions and notes that the strategic goal is to facilitate the development of artificial intelligence products and devices. As part of this ongoing effort, he is also exploring Web3 technologies.
The board of the Fetch.ai Foundation will include members from both Bosch and Fetch.ai and will seek to fund specific businesses and companies in the field of industrial artificial intelligence. Fetch.ai Foundation Chairman Peter Busch said Bosch is interested in leveraging emerging technologies:
“As one of the global leaders in industrial engineering and mobility solutions, Bosch sees a huge need for smarter technology and control to meet the challenges that come with increasingly connected ecosystems in safety/security, privacy and data ownership.”
Busch said the combination of Web3, AI and open-source technologies with classical engineering is a key driver of the foundation’s mission through its grant program. Bosch and Fetch.ai first teamed up in February 2021 launch a multipurpose blockchain network focused on Web3 capabilities including AI and IoT.
