Fetch.ai unveils Innovation Lab, commits $10m yearly to AI startups

Fetch.ai, a blockchain-based platform democratizing access to the artificial intelligence space, has launched a new innovation lab in San Francisco.

The Artificial Superintelligence Alliance member announced the Fetch.ai (FET) Innovation Lab on Aug. 23, noting that the hub will catalyze the development of AI agent solutions.

As part of its effort to advance its presence across the industry, Fetch.ai has disclosed an annual budget of $10 million to fund projects leveraging its tech stack to build AI agents.

Fetch.ai eyes real-world AI applications

Humayun Sheikh, the chief executive officer of Fetch.ai, stated that the San Francisco-based hub will seek to support projects that bring real-world AI applications to users. Benefitting startups will receive funding and expert mentorship among other support.

“Our mission is to unite world-class institutions, research teams, and businesses in a collaborative environment that not only nurtures innovation but also accelerates the development of impactful, AI-driven solutions,”

Humayun Sheikh.

In addition to the startup accelerator initiative, Fetch.ai has outlined an ambassador innovator club and internship incubator program. The hub’s activities will include technical workshops and hackathons, with attendees benefiting from experts across academia, research, and real-world solutions.

The quest for artificial superintelligence

Fetch.ai’s launch of the AI hub comes as the company’s effort to transform the Artificial General Intelligence space gathers pace. This follows the unveiling of the Artificial Superintelligence Alliance in a merger with SingularityNET and Ocean Protocol.

AGI targets the transformational application of AI to tackle everyday human issues—such as climate change, healthcare, and education. The merger of FET, AGIX, and OCEAN into ASI is one of the steps toward this mission.

SingularityNET has earmarked $53 million for the development of hardware designed to bolster AGI development. Meanwhile, Fetch.ai recently revealed a $100 million investment commitment towards the deployment of Nvidia GPUs to boost developers.