Multicoin Capital Announces Investment in Grass, Targeting the Machine Intelligence Reading Layer and Real-Time Retrieval Market

TechFlow reported on September 30 that Multicoin Capital announced an investment in the decentralized physical infrastructure network (DePIN) project Grass through its hedge fund and venture capital fund.

Grass utilizes a token incentive mechanism to aggregate idle home network bandwidth from over 6 million contributors worldwide, building underlying infrastructure for scraping and parsing publicly available internet data. Currently, the network primarily provides pre-training data support for cutting-edge AI labs and has already achieved profitability. Official data shows that Grass generated $17 million in revenue in 2025, reached $17 million in revenue in the first half of 2026, and revenue from its training data business alone is projected to reach $75 million for the full year of 2026.

Additionally, Grass is expanding into real-time context retrieval for the inference phase, planning to launch the Contents API and Search API to meet the real-time data retrieval and web indexing requirements of AI Agent systems during operation.