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>Browserbase raised a $40 million Series B in June 2025 at a $300 million post-money valuation.</li><li>Browserbase also offers Director, a no-code interface that lets non-technical users build browser automations through natural language instructions.</li><li>The Model Context Protocol server launch positions Browserbase to monetize the growing universe of AI agents that need browser capabilities.</li></ul>

Browserbase raised a $40 million Series B in June 2025 at a $300 million post-money valuation.Browserbase also offers Director, a no-code interface that lets non-technical users build browser automations through natural language instructions.The Model Context Protocol server launch positions Browserbase to monetize the growing universe of AI agents that need browser capabilities.

<ul><li>Sacra estimates that GPTZero hit $24M in ARR in 2025, up 253% year-over-year from $6.8M at the end of 2024.</li><li>GPTZero raised $10 million in a Series A round in June 2024 led by Footwork VC.</li><li>GPTZero analyzes written text to determine whether it was generated by AI or written by a human.</li></ul>

Sacra estimates that GPTZero hit $24M in ARR in 2025, up 253% year-over-year from $6.8M at the end of 2024.GPTZero raised $10 million in a Series A round in June 2024 led by Footwork VC.GPTZero analyzes written text to determine whether it was generated by AI or written by a human.

<ul><li>Sacra estimates Gamma hit $102M ARR in October 2025, up 3.3x from $30.5M at the end of 2024.</li><li>Foundation model companies OpenAI ($13B annualized revenue in July) and Anthropic ($5B annualized revenue in July) have begun to compete in slides as part of their multimodal push.</li><li>Adobe (NASDAQ: ADBE), Canva, and Figma (NYSE: FIG) would be natural acquirers of Gamma, which outperforms PowerPoint Copilot on ease of use, AI-first workflows & design.</li></ul>

Sacra estimates Gamma hit $102M ARR in October 2025, up 3.3x from $30.5M at the end of 2024.Foundation model companies OpenAI ($13B annualized revenue in July) and Anthropic ($5B annualized revenue in July) have begun to compete in slides as part of their multimodal push.Adobe (NASDAQ: ADBE), Canva, and Figma (NYSE: FIG) would be natural acquirers of Gamma, which outperforms PowerPoint Copilot on ease of use, AI-first workflows & design.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy</li>
<li>Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth</li>
<li>Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.</li>
</ul>


Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy
Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth
Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.


Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

<ul><li>Netic raised a $23M Series B in November 2025 led by Founders Fund.</li><li>Netic operates as a complete AI growth engine built around three integrated modules that map to the customer lifecycle for service-based enterprises.</li><li>Netic operates on a B2B SaaS model targeting service-based enterprises, particularly in home services, automotive, and healthcare sectors.</li></ul>

Netic raised a $23M Series B in November 2025 led by Founders Fund.Netic operates as a complete AI growth engine built around three integrated modules that map to the customer lifecycle for service-based enterprises.Netic operates on a B2B SaaS model targeting service-based enterprises, particularly in home services, automotive, and healthcare sectors.

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: Browserbase - 07 Dec 2025

Platform for developers to host, manage, and monitor headless browsers in the cloud

Sacra

Primer: GPTZero - 07 Dec 2025

AI detection platform for identifying AI-generated text in documents

Sacra

Gamma Vs Anthropic

TL;DR: As OpenAI and Anthropic move into slides as part of their multimodal push, Gamma has emerged as the AI-native leader in the space, making it...

Sacra

Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

It could just be me, but I think Mr. Nadella is trying to tell us something about the state of AI. We should probably listen. Let’s see.

William Keating

Primer: Netic - 17 Nov 2025

AI-powered platform for automating client outreach and sales operations in industries like home services, automotive, and healthcare

Sacra

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