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 OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024</li><li>OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping </li><li>By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the </li></ul>

Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the 

OpenEvidence At $50M/year Growing 30% MoM

<ul><li>Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.</li><li>Invisible works by routing model outputs through trained raters who score completions.</li><li>Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.</li></ul>

Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.Invisible works by routing model outputs through trained raters who score completions.Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.

<ul><li>Sacra estimates Invisible hit $134M in annualized revenue at the end of 2024 revenue, up 123% YoY, off the back of major RLHF contracts Microsoft and Cohere.</li><li>Invisible Technologies (founded 2015) started as a virtual assistant service and has since grown into a platform that businesses use to outsource repetitive, high-volume tasks.</li><li>Finding product-market fit in foundation lab RLHF and AI model training after breakthrough contracts with Microsoft and Cohere, Sacra estimates Invisible Technologies hit $134M in annualized revenue in 2024, up 123% YoY from $60M in 2023.</li></ul>

Sacra estimates Invisible hit $134M in annualized revenue at the end of 2024 revenue, up 123% YoY, off the back of major RLHF contracts Microsoft and Cohere.Invisible Technologies (founded 2015) started as a virtual assistant service and has since grown into a platform that businesses use to outsource repetitive, high-volume tasks.Finding product-market fit in foundation lab RLHF and AI model training after breakthrough contracts with Microsoft and Cohere, Sacra estimates Invisible Technologies hit $134M in annualized revenue in 2024, up 123% YoY from $60M in 2023.

<ul><li>Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.</li><li>Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.</li><li>Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.</li></ul>

Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.

<ul><li>Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.</li><li>In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.</li><li>Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.</li></ul>

Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.

Canada

API for fast, cost-effective large language models tailored to enterprise deployments

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Cohere (COHERE CA)

OpenEvidence At $50M/year Growing 30% MoM

TL;DR: With doctors overwhelmed by the medical literature—which doubles in size every 5 years—OpenEvidence built a free AI-powered search engine...

Sacra

Invisible Vs Mercor

TL;DR: With the rise of frontier AI labs needing human feedback to fix hallucinations and align model behavior, Invisible shifted gears from...

Sacra

Invisible At $134M In Revenue

TL;DR: By combining software orchestration with a 3,000+ person distributed workforce, Invisible is positioning itself as the “AWS for...

Sacra

Why OpenAI Wants Windsurf

TL;DR: OpenAI’s reported $3B bid for Windsurf underscores a shift from API monetization to vertically integrated full-stack products as labs race...

Sacra

Perplexity At $100M ARR

TL;DR: As LLM labs threaten Perplexity by bundling in search, Perplexity is counter-attacking by eating up consumer use cases like travel search...

Sacra

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