#FET/USDT hmm... Not good :
Fetch.ai put in administration after search to 'find urgent rescue capital'
The firm had hit a $250 million valuation in a fresh funding round just ten months ago
Tech firm Fetch.ai has collapsed into administration, the company revealed today, just ten months after it hit a $250 million valuation in a fresh funding round.
Advisors to the Suffolk-based business, which is the firm behind the Fetch.ai crypto token, said it “ran into financial difficulties towards the end of 2023” and appointed administrators in order “to find urgent rescue capital or to secure a sale of the shares, business and/or assets.”
FET, the Fetch.AI crypto token, has a market cap of more than half a billion dollars and around $50 million in daily trading volume according to CoinMarketCap. It was launched by the founders of the business in 2017 and “powers its internal economy” with “Fetch.ai users spending FET to consume services within the platform.”
In its most recent accounts, Fetch posted a loss of £16.7 million and wrote down the value of its assets by £231 million following a plunge in the value of FET between 2021 and 2022.
owned by the company and will not be directly impacted by the administration process.
According to a filing on the Gazette insolvency noticeboard, Fetch.ai entered into administration last week. It was subsequently bought by a consortium made up of the firm’s founders, known as Assmbl.ai, according to administrators ReSolve who said the founders put forward “the best offer.”
ReSolve partner Ben Woodthorpe said: “After a wide marketing campaign, we are pleased to have achieved a sale of the business and assets of Fetch.AI, which is in the best interests of the creditors.
“With the rapid developments currently taking place in the world of artificial intelligence, there is great scope for the business to thrive over the coming years.”
Fetch.ai offers a platform for users to build autonomous agents, or ‘digital twins’ to interact and transact within a range of online apps and services.
