Bosch, a global leader in engineering and technology development, has invested in Fetch.ai, an artificial intelligence firm based out of Cambridge. The investment is directed at transforming an underdeveloped decentralized machine learning network and utilizing it in the Internet of Things (IoT) applications like Smart Home Appliances and Solutions.
Bosch is the undisputed leader in the global Internet of Things solutions market. Now, the company looks forward to utilizing artificial intelligence to empower household appliances and engineering tools with decentralization and artificial intelligence.
Fetch.ai has received a massive $100 million investment from Bosch to develop a new Web3 development firm incorporating innovative technologies like AI and ML to make engineering products smarter. With this investment, Bosch said that the fund would be used for the development of dedicated artificial intelligence, decentralized technologies, and other key Web3 technologies solely focused on connectivity with IoT-based product solutions. With this new foundation in partnership, Bosch looks forward to strengthening its entry-level portfolio and introducing relevant global products and new digital business models for customer value (D2C).
The chairperson of the Fetch.ai foundation, Peter Busch, 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.”
Notably, the Fetch.ai Foundation will feature board members from both organizations to fund growing businesses and companies in the industrial AI space. Busch also said combining AI, open-source technologies, and Web3 with traditional engineering is the primary objective of the Fetch.ai Foundation. Bosch and Fetch.ai partnered before February 2021 to develop a Blockchain network for multiple purposes specifically designed to use AI and IoT.