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>Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).</li><li>Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.</li><li>CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.</li></ul>

Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.

<ul><li>David AI closed a $50 million Series B in October 2025 led by Meritech Capital with participation from NVIDIA and existing investors.</li><li>David AI has raised $80 million in total funding across three rounds in less than 10 months.</li><li>The AI voice assistant market is projected to grow from $44 billion in 2025 to over $150 billion by 2034.</li></ul>

David AI closed a $50 million Series B in October 2025 led by Meritech Capital with participation from NVIDIA and existing investors.David AI has raised $80 million in total funding across three rounds in less than 10 months.The AI voice assistant market is projected to grow from $44 billion in 2025 to over $150 billion by 2034.

<ul><li>Sacra estimates that Vocal Image reached $12 million in annual recurring revenue (ARR) in August 2025.</li><li>Vocal Image raised $3.6 million in seed funding in August 2025, led by French edtech investor Educapital, with participation from Estonia-based Specialist VC and Germany's Generations Fund.</li><li>Vocal Image can integrate its voice analysis technology into B2B products for corporate learning and development programs, targeting the $39 billion soft skills training market, which is growing at over 10% annually.</li></ul>

Sacra estimates that Vocal Image reached $12 million in annual recurring revenue (ARR) in August 2025.Vocal Image raised $3.6 million in seed funding in August 2025, led by French edtech investor Educapital, with participation from Estonia-based Specialist VC and Germany's Generations Fund.Vocal Image can integrate its voice analysis technology into B2B products for corporate learning and development programs, targeting the $39 billion soft skills training market, which is growing at over 10% annually.

<ul><li>Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.</li><li>With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.</li><li>Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.</li></ul>

Sacra estimates Claude Code hit $400M in annualized revenue in July 2025, up 23x over the past three months alone.With GPT-5, OpenAI is attacking Anthropic's supremacy in AI coding head-on with a model trained specifically for coding that 1) runs at 40-45% the average cost of Claude Sonnet 4 and 15% the cost of Opus 4.1 and 2) edges both on the SWE-bench coding benchmark.Anthropic's answer to this cutthroat defection lies in Claude Code, its ChatGPT: an owned, high engagement destination client vertically integrated with its models that grew a Sacra-estimated 23x in the last 3 months alone, from ~$17.5M in April 2025 to $400M in July.

<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.

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APIs for speech-to-text, text-to-speech, and real-time voice understanding

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Deepgram (DEEPGRAM US)

Cohere At $150M ARR

TL;DR: Starting as a LLM competitor to OpenAI & Anthropic, Cohere has shifted gears to compete with enterprise AI companies like Glean and Writer....

Sacra

Primer: David AI - 09 Oct 2025

Audio data research company building high-quality, proprietary datasets for training advanced speech and conversational AI models

Sacra

Primer: Vocal Image - 01 Sep 2025

AI-powered communication coach helping users enhance speaking skills through personalized voice lessons and feedback

Sacra

Anthropic's ChatGPT

TL;DR: OpenAI and Cursor have begun ganging up to challenge Anthropic's coding supremacy, but the launch of Claude Code has given Anthropic its own...

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

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