The Fetch.ai Foundation, founded in partnership between Fetch.ai and Bosch, intends to create web3 technologies that are appropriate for practical applications.

Fetch.ai and Bosch collaborate to establish the Fetch.ai Foundation, which aims to develop web3 technologies tailored to real-world applications, such as mobility, industry, and consumers. The foundation employs a decentralized innovation model with a 3-tier governance structure and plans to engage other industry players in the future. Fetch.ai founder Humayun Sheikh stated in a press release that Bosch's involvement will accelerate Web3 technology adoption in the industry and inspire other players to participate in this endeavor.

Bosch offers a range of Internet of Things (IoT) solutions and has identified AI-powered products and appliances as a key strategic focus. As part of this initiative, Bosch is also exploring Web3 technologies. This collaboration is worth $100 million and has been initiated to finance the sustained progress of Web3-powered solutions, AI technology, and services for mobility, industrial technology, and consumer sectors. Reliable sources suggest that the grant program will allocate resources to chosen businesses and partners over a span of three years.

After the announcement, the governance token for the Fetch.ai Foundation, $FET, experienced a 14% surge, trading at $0.49, before receding to $0.46. The foundation strongly aims to enhance its technology and ecosystem through active contributions and participation from its members. These contributions will be evaluated based on parameters such as provided liquidity, IP, code, and usage, which will determine the degree of influence on the evolution of this collaboration.