The decentralized AI-supported platform Fetch.ai announced it will open a center in San Francisco to advance AI technology. The new center, Innovation Lab, will incorporate early-stage startups working on AI tool solutions; software that performs specific tasks or makes decisions for users or other systems using AI.
Significant Step from AI Platform
Fetch.ai will allocate $10 million annually to projects creating AI agents using its platform. Funding will be milestone-based with a cap of $1 million per project. The autonomous AI agents market is expected to reach $88.1 billion by 2032.
Participants must be in the early stages of development, from idea to initial product launch, and willing to integrate the platform’s agent technology. A Fetch.ai spokesperson stated that ideally, there should be a working prototype or MVP that has been market-tested or validated.
Additionally, startups must be legally registered entities in the United States, have a scalable business model, or a clear vision needing support to develop their product or business model. Fetch.ai CEO Humayun Sheikh shared the following statement:
“We aim to finance and support projects delivering tangible advancements that bridge the gap between research and market, revolutionizing industries with the power of AI agents.”
Details on the Initiative
Fetch.ai announced two additional initiatives targeting the AI community alongside the Innovation Lab: an internship incubator and an ambassador program. The internship seeks candidates with a strong interest and basic understanding of decentralized technologies, AI, and machine learning. Proficiency in programming languages like Python, Java, or C++ is also required.
On another front, ambassadors will be responsible for creating an innovative environment for new center projects. The Ambassador’s Club is expected to organize hackathons, code events, and workshops about the AI process. A spokesperson stated:
“Applicants should have experience in community engagement, including participation in AI-related forums, meetups, or organizations.”
The blockchain sector has witnessed an increase in decentralized protocols intersecting with AI technology in recent months, with several initiatives, including Sahara AI and Story Protocol, raising millions to advance projects in this new area.
