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Fetch.ai is partnering with Imperial College London’s I-X Hub to launch an Innovation Lab for researching AI, machine learning, and autonomous systems. The lab will also enable high-caliber researchers and students to work on real-world AI applications, using Fetch.ai’s tech stack. The company has allocated $10M to support AI projects and startups. However, adoption of AI technology might face scalability and ethical issues, such as technical obstacles, data privacy, and security.

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Fetch.ai, a cryptocurrency-focused AI company operating on the Cosmos network, has teamed up with Imperial College London’s I-X Hub at the White City Campus to launch an Innovation Lab. This lab will serve as a hub for researching AI, machine learning, and autonomous systems.

In addition to furthering Fetch.ai’s partnership with the college, the lab is designed to push forward the progress of AI tech. In an interview with Sana Wajid, the Chief Development Officer at Fetch.ai Innovation Labs, she expressed the hope that the lab would “push the boundaries of autonomous systems and machine learning.”

She also added that “[The collaboration] will provide a space for high-caliber researchers and students to work on real-world AI applications leveraging the Fetch.ai tech stack [and] create a vibrant ecosystem that nurtures talent, empowers startups, and enables the development of cutting-edge solutions to global challenges.”

The Innovation Lab is designed for collaboration among academia, government, and industry to develop new ideas into practical applications. Fetch.ai’s tech stack can be applied in various industries, attracting developers and students of different fields including manufacturing, mobility, and travel.

Fetch.ai also dedicated $10 million to support startups and AI-driven projects, providing early-stage companies with financial assistance and support. This infusion of funds would enable startups to transform into AI-driven industry leaders by advancing their research and developing AI-powered solutions.

While there’s a general reduction in venture capital funding, AI startups have seen an increase in funding, raising up to $11.8 billion in the Q3.

Also, adopting AI technology is not without its challenges. Wajid acknowledged potential scalability and ethical concerns that could arise in the process. Technical challenges, privacy, and security of data, collaboration between human and autonomous agents are some potential issues. Other concerns may lie in the regulatory and ethical considerations that surround AI adoption in other industries.

Source: Cointelegraph