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

<ul><li>Sacra estimates that Instabase hit $46M ARR in 2023, up 10% year-over-year, serving about 45 enterprise customers across banking, insurance, and healthcare with their hybrid consulting-software model for an average contract value of $1.02M.</li><li>Instabase&#39;s $2B valuation in 2023 represented a 43.5x multiple on its $46M revenue in 2023.</li><li>Instabase found product-market fit using optical character recognition (OCR) and their own ML language model to help banks turn stacks of paystubs, bank statements, and IDs into structured data and build workflows for credit and KYC checks around it.</li></ul>

Sacra estimates that Instabase hit $46M ARR in 2023, up 10% year-over-year, serving about 45 enterprise customers across banking, insurance, and healthcare with their hybrid consulting-software model for an average contract value of $1.02M.Instabase&#39;s $2B valuation in 2023 represented a 43.5x multiple on its $46M revenue in 2023.Instabase found product-market fit using optical character recognition (OCR) and their own ML language model to help banks turn stacks of paystubs, bank statements, and IDs into structured data and build workflows for credit and KYC checks around it.

<ul><li>Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.</li><li>On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.</li><li>Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.</li></ul>

Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.

<ul><li>Friend has raised $2.5 million in a seed round in July 2024.</li><li>Friend uses a direct-to-consumer hardware sales model with no recurring subscriptions.</li><li>Meta, Apple, and Google are rapidly integrating AI companionship features into mass-market devices like glasses, earbuds, and smartphones.</li></ul>

Friend has raised $2.5 million in a seed round in July 2024.Friend uses a direct-to-consumer hardware sales model with no recurring subscriptions.Meta, Apple, and Google are rapidly integrating AI companionship features into mass-market devices like glasses, earbuds, and smartphones.

Cerebras Systems / Private Capital Markets

<ul><li>Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.</li><li>Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.</li><li>Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.</li></ul>

Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.

<ul><li>Poolside closed a $500 million Series B in October 2024 at approximately $3 billion valuation.</li><li>Poolside announced Project Horizon, a 2 gigawatt AI campus in West Texas.</li><li>Poolside operates as a B2B enterprise software company selling AI coding automation to large organizations.</li></ul>

Poolside closed a $500 million Series B in October 2024 at approximately $3 billion valuation.Poolside announced Project Horizon, a 2 gigawatt AI campus in West Texas.Poolside operates as a B2B enterprise software company selling AI coding automation to large organizations.

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.

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Anthropic (1892140D US)

Primer: Instabase - 14 Dec 2025

Low-code tool for banks and insurers to extract data from unstructured documents

Sacra

Primer: Midjourney - 14 Dec 2025

AI image generation tool for creating visuals from text prompts via web or Discord

Sacra

Primer: Friend - 11 Dec 2025

Wearable AI companion pendant designed to provide real-time conversational support, encouragement, and companionship without subscriptions

Sacra

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

Sacra

Primer: Poolside - 07 Dec 2025

Company developing advanced AI models to automate and improve coding processes for businesses

Sacra

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