Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Emergent Industrial Solutions / Private Capital Markets

Emergent Industrial Solutions (EMERGENT IN)

<ul><li>Sacra estimates that Emergent hit $100M in annual recurring revenue (ARR) in February 2026, up from $25M in December 2025.</li><li>In January 2026, Emergent raised $70 million in a funding round jointly led by SoftBank Vision Fund 2 and Khosla Ventures that tripled the company&#39;s valuation to $300 million.</li><li>Emergent is a browser-based conversation-to-code platform that transforms natural language descriptions into production-ready applications.</li></ul>

Sacra estimates that Emergent hit $100M in annual recurring revenue (ARR) in February 2026, up from $25M in December 2025.In January 2026, Emergent raised $70 million in a funding round jointly led by SoftBank Vision Fund 2 and Khosla Ventures that tripled the company&#39;s valuation to $300 million.Emergent is a browser-based conversation-to-code platform that transforms natural language descriptions into production-ready applications.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>The sector is shifting from traditional "digital" models to "AI-First" architectures, industrializing AI through autonomous agents and "Physical AI" to deliver production-level, ROI-led deployments.</li>
<li>Automation-Driven productivity gains of up to 50% threaten 30-40% of service revenue, particularly in coding and testing, creating a persistent 2% annual growth headwind</li>
<li>Top firms like TCS and HCL Tech are countering price pressure by pivoting toward high-value, platform-based models and outcome-based billing to ensure long-term survival.</li>
</ul>


The sector is shifting from traditional "digital" models to "AI-First" architectures, industrializing AI through autonomous agents and "Physical AI" to deliver production-level, ROI-led deployments.
Automation-Driven productivity gains of up to 50% threaten 30-40% of service revenue, particularly in coding and testing, creating a persistent 2% annual growth headwind
Top firms like TCS and HCL Tech are countering price pressure by pivoting toward high-value, platform-based models and outcome-based billing to ensure long-term survival.


India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

<ul><li>Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.</li><li>With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).</li><li>Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.</li></ul>

Sacra estimates that Harvey hit $195M in annual recurring revenue (ARR) in 2025, growing 290% year-over-year from $50M in 2024 and 19.5x since 2023, with 1,000+ customers across 59 countries and 500+ employees, valued at $8B as of its $160M Series F (a16z, December 2025) for a ~41x revenue multiple.With international law firms (non-domestic U.S. firms) as early adopters of AI legal software because of the volume of cross-border and multi-language work, they’ve become a key battleground with Harvey raising €50M in strategic investment from EQT Growth and expanding in Europe, opening offices in Dublin (late March) and Paris (Q2 2026), growing its London team to 75+ employees, and hiring Canva's former VP of EMEA Sales to lead the region, encroaching on the home turf of Stockholm, Sweden-based Legora ($265M raised, General Catalyst & Benchmark).Simultaneous AI adoption across vertically integrated AI law firms (Crosby), in-house counsel (Spellbook), solo & small firms (Clio), international firms (Legora), practice niches (Solve Intelligence for patent work) and legal services firms (PwC) along with mid-market & BigLaw firms (Harvey) compresses legal cycles & turn-around times and collapses the marginal cost of competent legal work product, putting real pressure on the billable hour model.

<ul><li>Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.</li><li>Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.</li><li>Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.</li></ul>

Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR &amp; launched its new no-code agent builder.Glean has launched Autonomous Agents, with customers building agents for SDR outreach, compliance checks, and finance workflows.Glean hit $200M annual recurring revenue (ARR) at the end of November 2025, doubling from $100M in November 2024, raising a $150M Series F (Kleiner Perkins) in June 2025 at a $7.2B valuation for a 36x revenue multiple.

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Equity Capital Markets

<ul><li>As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago.</li><li>While December was widely anticipated to be a heavy year-end issuance window, the market ultimately proved more selective.</li><li>Fewer deals crossed the finish line, and those that did faced a higher bar.</li></ul>

As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago.While December was widely anticipated to be a heavy year-end issuance window, the market ultimately proved more selective.Fewer deals crossed the finish line, and those that did faced a higher bar.

Q1 IPO Outlook: Selective Momentum — and the Deals That Could Define the Next Phase

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Anthropic (1892140D US)

Primer: Emergent - 18 Feb 2026

Platform enabling non-technical users to build full-stack, production-ready applications using autonomous AI agents

Sacra

India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...

Nimish Maheshwari

Harvey At $195M ARR

TL;DR: Now at a Sacra-estimated $195M annual recurring revenue (ARR) as of the end of 2025, Harvey is expanding aggressively into Europe to expand...

Sacra

Glean At $200M ARR

TL;DR: Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR & launched its new no-code agent...

Sacra

Q1 IPO Outlook: Selective Momentum — and the Deals That Could Define the Next Phase

As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago. While December...

IPO Prophet

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Emergent - 18 Feb 2026

Platform enabling non-technical users to build full-stack, production-ready applications using autonomous AI agents

Sacra

India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

​The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...

Nimish Maheshwari

Harvey At $195M ARR

TL;DR: Now at a Sacra-estimated $195M annual recurring revenue (ARR) as of the end of 2025, Harvey is expanding aggressively into Europe to expand...

Sacra

Glean At $200M ARR

TL;DR: Over the last year, Glean doubled from a Sacra-estimated $100M annual recurring revenue (ARR) to $200M ARR & launched its new no-code agent...

Sacra

Q1 IPO Outlook: Selective Momentum — and the Deals That Could Define the Next Phase

As we move into Q1, the IPO market is entering a more constructive phase—but not in the way many expected just a few months ago. While December...

IPO Prophet

The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...