Fetch.ai Partners with Bosch to Form Foundation to Promote AI and Web3-based Applications

AI-focused protocol Fetch.ai announced its collaboration with Bosch to launch Fetch.ai Foundation, which aims to boost development of applications based on AI and Web3 technologies in areas such as mobility, industry, and consumers.

The foundation will have a three tier governance structure, and its design is inspired by the Linux Foundation. At launch, Bosch and Fetch.ai will lead the Foundation's management board and look to expand it with other key participants from the industry.

The Fetch.ai Foundation will help industrial partners build next-generation AI applications spanning real-world use cases across sectors. Humayun Sheikh, Fetch.ai CEO and Founder said, "This is an exciting phase in Fetch.ai’s journey as we will see our Web3 tech products enabling real world industry applications with partners such as Bosch. Bosch will also help us fast track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem."

According to TokenInsight data, the price of $FET went up by 14% over the last 24 hours, trading at $0.481689 now.