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>Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.</li><li>Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.</li><li>In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.</li></ul>

Based on those conversations, we revised our revenue model—which previously showed significant deceleration in 2024 ARR growth—to reflect ARR growth holding in the mid-60% range in 2023 with acceleration through 2024.Today, with companies consolidating tools to save on cost and reduce complexity, a rebundling cycle is in effect centered around the data warehouse, with Snowflake, Databricks and the hyperscalers simultaneously integrating with dbt and launching cloud-native data products that compete with dbt.In 2024, data clouds had their "VHS moment" as Apache Iceberg emerged as the open table standard—particularly with Databricks, the company behind competing Delta Lake, acquiring Tabular for over $1B to bring the founders of Iceberg in under one roof—making multi-cloud a tangible reality and throwing tailwinds behind cross-cloud solutions like dbt that abstract away the underlying infrastructure and offer an orchestration layer on top.

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

<ul><li>dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, up 14% YoY, as they expand into cataloging, orchestration, and observability.</li><li>Sacra estimates that dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, growing about 14% year-over-year, with over 5,000 paying customers and 50,000 teams using dbt weekly.</li><li>Under pressure from Snowflake and Databricks (building native transformations) and from startups “re-bundling” dbt with better orchestration and scheduling (Dagster, Meltano), dbt is now expanding into cataloging (Collibra), orchestration (Airflow), and observability (Metaplane) to defend their position as the key interface where data engineering teams define their business metrics.</li></ul>

dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, up 14% YoY, as they expand into cataloging, orchestration, and observability.Sacra estimates that dbt Labs hit $96M in annual recurring revenue (ARR) at the end of 2024, growing about 14% year-over-year, with over 5,000 paying customers and 50,000 teams using dbt weekly.Under pressure from Snowflake and Databricks (building native transformations) and from startups “re-bundling” dbt with better orchestration and scheduling (Dagster, Meltano), dbt is now expanding into cataloging (Collibra), orchestration (Airflow), and observability (Metaplane) to defend their position as the key interface where data engineering teams define their business metrics.

<ul><li>H2O.ai found product-market fit as an open-source machine learning platform for data scientists and developers who needed industrial-strength ML capabilities without building everything from scratch.</li><li>H2O.ai operates a hybrid open-source/enterprise SaaS model focused on making artificial intelligence and machine learning accessible to businesses of all sizes.</li><li>The company&#39;s $1.7B valuation suggests investors see potential for H2O.ai to become a major enterprise AI platform, similar to how Snowflake emerged as the leader in cloud data warehousing.</li></ul>

H2O.ai found product-market fit as an open-source machine learning platform for data scientists and developers who needed industrial-strength ML capabilities without building everything from scratch.H2O.ai operates a hybrid open-source/enterprise SaaS model focused on making artificial intelligence and machine learning accessible to businesses of all sizes.The company&#39;s $1.7B valuation suggests investors see potential for H2O.ai to become a major enterprise AI platform, similar to how Snowflake emerged as the leader in cloud data warehousing.

<ul><li>Census found product-market fit as a reverse ETL (extract, transform, load) platform for data-driven, product-led growth companies.</li><li>Census is a subscription SaaS company that provides a reverse ETL (Extract, Transform, Load) platform, enabling businesses to sync customer data from cloud data warehouses to various SaaS tools.</li><li>The rapid adoption of cloud data warehouses like Snowflake, BigQuery, and Redshift is a key tailwind for Census.</li></ul>

Census found product-market fit as a reverse ETL (extract, transform, load) platform for data-driven, product-led growth companies.Census is a subscription SaaS company that provides a reverse ETL (Extract, Transform, Load) platform, enabling businesses to sync customer data from cloud data warehouses to various SaaS tools.The rapid adoption of cloud data warehouses like Snowflake, BigQuery, and Redshift is a key tailwind for Census.

<ul><li>Companies like Ramp, Notion and Databricks take outputs from frontier models like OpenAI’s GPT-4 and use them to fine-tune smaller, cheaper and faster open source models like Mistral and Llama 3.1, reducing their costs by 90% for specific, repetitive tasks.</li><li>Fine-tuning platforms like OpenPipe ($6.7M raised), Predibase (Felicis, $28.5M raised) and Airtrain AI (Y Combinator, $3.2M raised) unbundle fine-tuning from the LLMs and rebundle it with MLOps, combining a software development kit (SDK) for collecting prompt-completion pairs with model training, eval, and deployment to launch and rapidly iterate on fine-tuned models.</li><li>We recognized that fine-tuning could greatly enhance capabilities and reliability, but it typically required having a specialist on staff. We realized that if we built the right workflow tool, we could replace that specialist and make it possible for anyone proficient in prompt engineering to successfully build a fine-tuned model.</li></ul>

Companies like Ramp, Notion and Databricks take outputs from frontier models like OpenAI’s GPT-4 and use them to fine-tune smaller, cheaper and faster open source models like Mistral and Llama 3.1, reducing their costs by 90% for specific, repetitive tasks.Fine-tuning platforms like OpenPipe ($6.7M raised), Predibase (Felicis, $28.5M raised) and Airtrain AI (Y Combinator, $3.2M raised) unbundle fine-tuning from the LLMs and rebundle it with MLOps, combining a software development kit (SDK) for collecting prompt-completion pairs with model training, eval, and deployment to launch and rapidly iterate on fine-tuned models.We recognized that fine-tuning could greatly enhance capabilities and reliability, but it typically required having a specialist on staff. We realized that if we built the right workflow tool, we could replace that specialist and make it possible for anyone proficient in prompt engineering to successfully build a fine-tuned model.

Kyle Corbitt, CEO Of OpenPipe, On The Future Of fine-tuning LLMs

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Data lakehouse software for managing, querying, and analyzing enterprise-scale AI and data workloads

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Databricks (DATABRICKS US)

Tristan Handy, CEO Of Dbt Labs, On Dbt’s multi-cloud Tailwinds

How did dbt Labs find product-market fit for its commercial product, coming from its open source software origins? What was that journey like and...

Sacra

Dbt Labs Vs Databricks Vs Snowflake

TL;DR: After building the de-facto standard for the T in ETL—transformations—dbt Labs is now under pressure from partners (Snowflake, Databricks)...

Sacra

Primer: H2O.ai - 18 Nov 2024

Suite of no-code and AutoML tools for building and deploying enterprise AI models

Sacra

Primer: Census - 04 Sep 2024

Data syncing tool for sending warehouse data to sales, marketing, and support apps

Sacra

Kyle Corbitt, CEO Of OpenPipe, On The Future Of fine-tuning LLMs

Tell us about OpenPipe—what was the key insight that led you to start the company and focus on fine-tuning...

Sacra

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