Fetch.AI Limited - Administration

Fetch.AI Limited, an open network for AI agents, entered administration on 23 January. The company, which was founded in 2017, was the administrative arm of a blockchain platform that aimed to decentralise and automate transactions on the internet using AI and distributed ledger technology.

The company ran into financial difficulties towards the end of 2023, after the High Court ordered it to pay just under £1 million plus interest to settle a claim made against it by a former contractor.

The company engaged ReSolve to conduct an accelerated marketing process. The best offer was put forward by Assembl.ai Limited, a connected party owned by founder Humayun Munir Sheikh, with joint administrators Ben Woodthorpe and Simon Jagger of ReSolve completing the sale out of administration.

Mr Sheikh has a registered charge against the company.