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HomeBusinessBosch partners with AI firm to launch $100 million Web3 development foundation

Bosch partners with AI firm to launch $100 million Web3 development foundation

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Bosch is a German multinational engineering and electronics company. Shutterstock/Alexander Tolstykh

Global engineering and technology company Bosch has announced a $100 million Web3 development foundation with Fetch.ai, a Cambridge based artificial intelligence firm. The new foundation that includes members from both the companies will look at ways and means to use innovative software, artificial intelligence AI and Web3 technologies to improve the tech industry. The foundation will also fund research that focuses on the development of decentralized technologies that can be used in real-world cases.

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The initiative that will disburse $100 million in funds will be used for the development of longtime Web3 based solutions and services in consumer and mobility industries as well in industrial technology. Cointelegraph reported that the program would provide grants to select companies and partners over a period of three years.

 

Bosch is a global engineering company that uses AI to power products and appliances. Fetch.ai is an artificial intelligence company that is developing a decentralized machine learning network.

CWEB Bosch Stock Chart

Earlier in February 2021, both Bosch and Fetch.ai had joined together and launched a multipurpose blockchain network to advance Web3 capabilities such as artificial intelligence and the Internet of Things.

In 2023, the two companies will create the Fetch.ai Foundation that would be headed by chairperson Peter Busch and members from both Bosch and Fetch.ai.

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Peter Busch describes Bosch as a global leader in industrial engineering and mobility solutions. He also told the outlet that the tech giant saw the “huge need for smarter technologies and governance” so that it could cope with the challenges that would evolve “with ever more connected ecosystems regarding safety/security, privacy, and data ownership.”

He also spoke of the mission of the foundation. It would drive the combination of Web3, AI and open-source technologies with classic engineering through its grant foundation.

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