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>Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.</li><li>With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.</li><li>Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.</li></ul>

Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.

<ul><li>Pre-COVID, 61% of B2B companies sold in-person and over email/phone—post-COVID, that fell to 29% while the number selling through video calls rose from 38% to 53%.</li><li>Gong launched in 2015 as pair programming for sales teams, giving reps instant video replays of their sales calls for peer coaching—today, it’s the place where every customer call at a company gets stored for rewatching.</li><li>Sacra estimates that Gong hit $285M annual recurring revenue (ARR) in 2023, up 43% from $200M ARR in 2022 for a 25x forward revenue multiple on the $7.5B valuation they raised at in 2019.</li></ul>

Pre-COVID, 61% of B2B companies sold in-person and over email/phone—post-COVID, that fell to 29% while the number selling through video calls rose from 38% to 53%.Gong launched in 2015 as pair programming for sales teams, giving reps instant video replays of their sales calls for peer coaching—today, it’s the place where every customer call at a company gets stored for rewatching.Sacra estimates that Gong hit $285M annual recurring revenue (ARR) in 2023, up 43% from $200M ARR in 2022 for a 25x forward revenue multiple on the $7.5B valuation they raised at in 2019.

<ul><li>Anthropic hit $100M annual recurring revenue (ARR) midway through 2023, up ~1,900% from only $10M at the end of 2022, with a $4.1B valuation for a forward revenue multiple of 41x.</li><li>OpenAI’s GPT-4 is the best LLM for reasoning and complex tasks, but it’s expensive and slow—opening the door for companies like Anthropic (Claude) and Cohere (Command) to target developers with cheaper and faster models.</li><li>As with on-demand companies like Uber and Lyft in the early 2010’s, the initial hype cycle has seen billions invested in the LLMs deemed most likely to win—$14.5B into OpenAI, Anthropic, and Cohere alone—creating capital moats as barriers to future competition.</li></ul>

Anthropic hit $100M annual recurring revenue (ARR) midway through 2023, up ~1,900% from only $10M at the end of 2022, with a $4.1B valuation for a forward revenue multiple of 41x.OpenAI’s GPT-4 is the best LLM for reasoning and complex tasks, but it’s expensive and slow—opening the door for companies like Anthropic (Claude) and Cohere (Command) to target developers with cheaper and faster models.As with on-demand companies like Uber and Lyft in the early 2010’s, the initial hype cycle has seen billions invested in the LLMs deemed most likely to win—$14.5B into OpenAI, Anthropic, and Cohere alone—creating capital moats as barriers to future competition.

United States

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

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Deepgram (DEEPGRAM US)

Anthropic At $316M ARR

TL;DR: With the launch of Claude 3 Opus, Anthropic has cemented itself alongside OpenAI, Mistral and Google as one of the small handful of LLM...

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Gongification Of SaaS

TL;DR: Gong built a $285M annual recurring revenue (ARR) business by recording and storing every sales call for rewatching. Now, every sales SaaS...

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OpenAI Vs. Anthropic Vs. Cohere

TL;DR: The surprise success of ChatGPT has expanded OpenAI’s consumer ambitions, creating an opportunity for LLM startups...

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