Tech startup Fetch.ai has secured a $40 million funding from DWF Labs to speed up the deployment of decentralized machine learning with blockchain.
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In a blog announcement, the UK-based startup said the proceeds will help it solve the problem of "traditional federated learning" by creating new revenue streams. Andrei Grachev, the Managing Partner of DWF Labs, says that Fetch.ai's approach to machine learning creates a "new paradigm for developers and entrepreneurs, and we're thrilled to support their growth and development."
Founded in 2017, Fetch.ai develops decentralized networks with the help of machine learning to automate daily tasks. All the data is being recorded on the Fetch.ai blockchain using FET, the native token of the Fetch.ai blockchain.
According to data from Crunchbase, the startup raised a total of $66 million so far from six investors, including GDA Group and Outlier Ventures.
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