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

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

The Artificial Super Intelligence Alliance member announced the Fetch.ai (FET) Innovation Lab on August 23, stating that the center will accelerate the development of AI vehicle solutions.

As part of its efforts to further its presence in the industry, Fetch.ai has announced a $10 million annual budget to fund projects that use its technology stack to create artificial intelligence agents.

Fetch.ai focuses on real-world AI applications

Fetch.ai CEO Humayun Sheikh said the San Francisco-based center will aim to support projects that bring real-world AI applications to users. The startups that benefit will receive funding and expert mentorship, among other support.

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

Humayun Sheikh.

In addition to its startup accelerator initiative, Fetch.ai has outlined an ambassador innovator club and internship incubator program. The center’s activities will include technical workshops and hackathons, and participants will benefit from experts in academia, research, and real-world solutions.

The search for artificial superintelligence

Fetch.ai’s launch of its AI hub comes as the company’s effort to transform the field of Artificial General Intelligence accelerates. It follows the announcement of the Artificial Superintelligence Alliance in mergers with SingularityNET and Ocean Protocol.

AGI aims for the transformational application of AI to address everyday human challenges such as climate change, healthcare, and education. The merging of FET, AGIX, and OCEAN into ASI is one of the steps toward this mission.

SingularityNET has committed $53 million to developing hardware designed to support AGI development. Meanwhile, Fetch.ai recently announced a $100 million investment commitment to deploy Nvidia GPUs to support developers.