Fetch.ai launches Innovation Lab with $10M fund for startups

Decentralized machine learning platform Fetch.ai is launching a hub in San Francisco, California to advance artificial intelligence technology.

The new hub, Innovation Lab, will onboard early-stage startups working on AI agent solutions — software that uses artificial intelligence to perform specific tasks or make decisions for users or other systems. 

According to Fetch.ai, it will allocate $10 million in annual funding for projects using the platform to build AI agents. Funding will be milestone-based, with a $1 million cap per project. The autonomous AI agents market is expected to reach $88.1 billion by 2032. 

To participate, startups should be in the initial stages of development, from ideation to initial product launch, and willing to integrate the platforms’ agent technology. “Ideally, you should have a working prototype or MVP tested or validated in the market,” a spokesperson from Fetch.ai told Cointelegraph. 

In addition, startups should be legally registered entities in the United States, have a scalable business model or have a clear vision that needs support to refine either the product or the business model. 

“We aim to fund and support projects that bridge the gap between research and market, delivering tangible advancements that revolutionize industries through the power of AI agents,” Humayun Sheikh, CEO of Fetch.ai, said in a statement.

Internship and Ambassador Club

Along with the Innovation Hub, Fetch.ai is announcing two additional initiatives targeting the AI community: 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 such as Python, Java or C++ is also desirable. 

On another front, ambassadors will be responsible for cultivating an innovative environment for new hub projects. The Ambassador’s Club is expected to host hackathons, code nights and workshops on AI agents. 

“Applicants should have experience in community engagement. This includes participation in AI-related forums, meetups or organizations,” according to a spokesperson. 

The blockchain space has witnessed a surge in decentralized protocols intersecting with AI technology over the past few months, with several startups, including Sahara AI and Story Protocol, raising millions of dollars to advance projects in this emerging field.

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