Fetch.ai launches an innovation lab and provides $10 million in funding for startups.

ChainCatcher news, the blockchain platform Fetch.ai, based on artificial intelligence and machine learning, is establishing a center in San Francisco, California, to advance AI technology.

The new center's innovation lab will attract early-stage startups dedicated to AI agent solutions, which refer to software that uses artificial intelligence to perform specific tasks or make decisions for users or other systems.

According to Fetch.ai, the company will allocate $10 million annually for projects building AI agents on the platform. Funding will be milestone-based, with a cap of $1 million for each project. By 2032, the autonomous AI agent market is expected to reach $88.1 billion.