Fetch.ai (FET) Raises Funds at a $250 Million Valuation
Fetch.ai, a blockchain platform integrating artificial intelligence (AI), has achieved a valuation of $250 million following its latest funding round with participation from DWF Labs.
Fetch.ai raised $40 million in this funding round, which involved both equity and FET tokens, according to Fetch.ai’s founder and CEO, Humayun Sheikh, who shared the news with The Block.
Nearly half of the raised capital comes from DWF Labs, with the remainder expected to be completed by next month, as negotiated by DWF in late January. Although DWF Labs is known as a market maker, they are not acting as the market maker for FET in this agreement.
With the new funding, Fetch.ai plans to continue enhancing and expanding its ecosystem, particularly in the Asian region. Sheikh elaborated:
“DWF is quite optimistic about the Asian developer community and team. We need to attract more developers, and DWF’s proposal is the perfect piece we were looking for. DWF will be partnering with us over the next 12 to 24 months.”
As AI tools like OpenAI’s ChatGPT continue to advance rapidly, Sheikh envisions a bright future for Fetch.ai’s ecosystem. Current AI tools not only perform routine tasks but Fetch.ai aims to be a "game-changer."
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The crypto funding wave is heating up but still falls short of the milestones achieved in the same period last year. Recent notable deals include layer-2 projects like Scroll ($50 million), CCP Games ($40 million), DeFiance Capital, and Conduit ($7 million).
