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Bosch and Fetch.ai are collaborating to launch the Fetch.ai Foundation, which will fund the development of Web3, AI, and decentralized technologies for industrial adoption.
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The foundation will commit $100 million to a grant program that funds the research and development of Web3-based solutions and services for mobility, industrial technology, and consumer industries.
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The grant program will invest in select companies and partners over a three-year period.
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Bosch provides a host of IoT solutions and is exploring Web3 technologies to facilitate the development of AI-powered products and appliances.
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Fetch.ai is a Cambridge-based AI firm developing a decentralized machine learning network that has worked with Bosch.
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The foundation board will feature members from both Bosch and Fetch.ai and will fund specific businesses and companies in the industrial AI space.
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The foundation's mission is to harness the combination of Web3, AI, and open-source technologies with classic engineering to drive innovation.
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Bosch and Fetch.ai first partnered up in February 2021 to launch a multi-purpose blockchain network focused on Web3 capabilities incorporating AI and IoT.
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The foundation aims to fuel the industrial adoption of innovative software, AI, and Web3 technologies for real-world use cases.
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The grant program provides long-term funding to develop Web3-based solutions and services that can revolutionize industries.