Global electronics company Bosch is collaborating with Fetch.ai, an AI-focused crypto protocol, to create a $100 million (£83m) web3 grant programme.
The Fetch.ai Foundation will aim to increase industry adoption of technologies relating to artificial intelligence, web3, and the Internet of Things (IoT). It plans to fund research and development into decentralised technology and practical use cases with real-world benefits.
The $100 million will be distributed in grants to fund long-term projects to build web3 solutions and services in areas such as mobility, industry, and consumer markets.
Bosch and Fetch.ai will lead the foundation’s management board, selecting companies to partner with over a three-year period. Other industry participants are expected to join the board over time.
“Bosch will help us fast track web3 adoption in the industry and encourage other industry players to join us in this journey,” Fetch.ai founder Humayun Sheikh said.
“More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.”
Fetch.ai is a Cambridge-based AI firm that runs a decentralised machine learning network which Bosch have utilised in the past.
Bosch, which operate a range of IoT solutions, has said one of its strategic objectives is to invest more in the development of AI products and web3 technology.
Peter Busch, chairperson of the Fetch.ai Foundation, said: “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.”
Bosch and Fetch.ai’s partnership dates back to 2021 when the two companies launched a blockchain network designed to take advantage of AI and IoT.
The new grant foundation comes as AI-focused cryptocurrencies have become more popular amongst both traders and investors.
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