Web3 Foundation Partners With Bosch For $100 Million Grant

A new foundation is being established with the support of global technology company Bosch, which has pledged $100 million to a grant program for Web3, AI, and IoT.

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In a collaboration between Bosch and Fetch.ai, $100 million is set aside for a grant program that will support the development of Web3, artificial intelligence (AI), and decentralized technologies.

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The Fetch.ai Foundation, which the two businesses are working to establish, aims to accelerate industrial adoption of cutting-edge software, AI, and Web3 technologies. The program will provide funding for decentralized technology research and development for practical use cases.

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For the long-term development of Web3-based products and services for the consumer, industrial technology, and mobility industries, the initiative will provide funds totaling $100 million. According to a statement provided to Cointelegraph, the grant program will make investments in a limited number of partners and companies over a three-year period.

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The Cambridge-based artificial intelligence company Fetch.ai has collaborated with the large engineering and technology business Bosch on the development of a decentralized machine learning network. The latter offers a variety of Internet of Things (IoT) solutions and mentions that one of its strategic goals is to speed up the creation of AI-powered goods and appliances. As part of this continuous effort, Web3 technologies are also being investigated.

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Fetch.ai Foundation is a new foundation that will be tasked with funding specific businesses and companies that are in the area of artificial intelligence for industrial applications and will feature members from both Bosch and Fetch.ai. In his address to the Fetch.ai Foundation, Peter Busch stated that Bosch is interested in harnessing the developments of artificial intelligence:

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In order to meet the challenges we face as a result of ever more connected ecosystems regarding safety and security as well as privacy, Bosch, as one of the world's leading companies in industrial engineering and mobility solutions, recognizes that innovation and governance are required to respond to the challenges.

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The combination of Web3, AI, and open-source technologies with classic engineering provides an invaluable foundation's grant program with a goal of fostering innovation. According to Busch, this combination is a key driving force behind its mission. Bosch and Fetch.ai came together for the first time in February 2021 as a team to launch what would become a multipurpose blockchain network that would incorporate AI and IoT capabilities into a Web3 framework.