UK-based blockchain platform Fetch.ai has been put into administration just 10 months after securing US$40 million in funding from DWF Labs.
According to the public record, Fetch.ai appointed administrators from London-based firm ReSolve Business Advisory on 23 January.
According to comments published in the Evening Standard, the company has since been bought by a consortium comprising the company’s founders.
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.
The administrators were appointed to “find urgent rescue capital or to secure a sale of the shares, business and/or assets” after running into financial stress at the end of 2023.
Fetch.ai is billed as an “artificial intelligence lab building an open, permissionless, decentralised machine learning network with a crypto economy”.
In March 2019, Fetch launched the Ethereum-based FET crypto token, which currently has a US$715 million market capitalisation.
The largest token holder owns 10.5% of the supply valued at around US$75 million.
“Fetch.ai’s utility token FET was designed to find, create, deploy and train digital twins and is an essential part of smart contracts and oracles on the platform,” according to the marketing materials.
Fetch.ai’s last accounts were filed with Companies House on 31 May 2023.
Two months after securing US$40 million in funding, the group wrote down the value of its assets (which mainly comprised FET tokens) from £278 million to just £20 million for the financial year ending 31 August, 2021.