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>The 2024 launch of Runway’s Gen-3 model, going beyond text-to-video, inpainting, green screen and rotoscoping to directing camera movement, expanding frames, and generating characters that are consistent from scene to scene, drove a surge of demand from independent filmmakers, with Sacra estimating that Runway hit $84M ARR in 2024, up 236% YoY from $25M at the end of 2023.</li><li>Founded in 2018, Runway’s AI-powered automations help filmmakers and VFX teams cut their video editing costs from $350 to ~$10 per shot.</li><li>In September 2024, after years of training their models on YouTube videos, Runway inked a deal with Lionsgate to train a model on their 20,000 titles—giving Runway access to a “Hollywood-grade” video dataset and giving Lionsgate the legal air cover to accelerate its use of AI in preproduction (storyboarding, drafting scenes) and postproduction (creating backgrounds and special effects)—with the upside of potentially licensing the model out to other studios to use in the future.</li></ul>

The 2024 launch of Runway’s Gen-3 model, going beyond text-to-video, inpainting, green screen and rotoscoping to directing camera movement, expanding frames, and generating characters that are consistent from scene to scene, drove a surge of demand from independent filmmakers, with Sacra estimating that Runway hit $84M ARR in 2024, up 236% YoY from $25M at the end of 2023.Founded in 2018, Runway’s AI-powered automations help filmmakers and VFX teams cut their video editing costs from $350 to ~$10 per shot.In September 2024, after years of training their models on YouTube videos, Runway inked a deal with Lionsgate to train a model on their 20,000 titles—giving Runway access to a “Hollywood-grade” video dataset and giving Lionsgate the legal air cover to accelerate its use of AI in preproduction (storyboarding, drafting scenes) and postproduction (creating backgrounds and special effects)—with the upside of potentially licensing the model out to other studios to use in the future.

<ul><li>The explosion of post-Midjourney ($200M in ARR in 2023) generative AI image generators like Ideogram, Playground AI and Craiyon that grew fast in a rapidly expanding market now face diminishing differentiation and margin pressure as the market has been saturated by tools with increasingly similar capabilities.</li><li>Creating a workflow that brings together many tools—fine-tuning of open source models (Stability AI, Flux), character persistence (img2img), voice generation (ElevenLabs), image-to-video (Kling, Hailuo), and others—builds value on top of the foundation models even as they individually improve by allowing users to orchestrate end-to-end creations without extensive prompt engineering.</li><li>Looking ahead to the rest of 2025, our vision tackles both automation and fundamental creative challenges.</li></ul>

The explosion of post-Midjourney ($200M in ARR in 2023) generative AI image generators like Ideogram, Playground AI and Craiyon that grew fast in a rapidly expanding market now face diminishing differentiation and margin pressure as the market has been saturated by tools with increasingly similar capabilities.Creating a workflow that brings together many tools—fine-tuning of open source models (Stability AI, Flux), character persistence (img2img), voice generation (ElevenLabs), image-to-video (Kling, Hailuo), and others—builds value on top of the foundation models even as they individually improve by allowing users to orchestrate end-to-end creations without extensive prompt engineering.Looking ahead to the rest of 2025, our vision tackles both automation and fundamental creative challenges.

Coco Mao, CEO Of OpenArt, On Building The TikTok For AI Video

<ul><li>ElevenLabs opened the floodgates with their AI model for generating audio across 1,000+ synthetic, human-sounding voices that could speak in 32 different languages.</li><li>ElevenLabs is moving from foundation model to application layer and building the Adobe Creative Cloud ($13B in yearly revenue) for AI-generated audio, with Sacra estimating ElevenLabs crossed $90M in annual recurring revenue in October 2024, up 350% YoY.</li><li>AI voice agents have strong product-market fit—as a 70% cheaper replacement for humans across support calls, appointment bookings, and restaurant reservations—driving the rise of an AI-native audio stack of tools like Cartesia (Index Ventures) for text-to-speech, Deepgram ($86M raised, Madrona Ventures) for speech-to-text, and Hamming ($750K raised, YC S24) for testing.</li></ul>

ElevenLabs opened the floodgates with their AI model for generating audio across 1,000+ synthetic, human-sounding voices that could speak in 32 different languages.ElevenLabs is moving from foundation model to application layer and building the Adobe Creative Cloud ($13B in yearly revenue) for AI-generated audio, with Sacra estimating ElevenLabs crossed $90M in annual recurring revenue in October 2024, up 350% YoY.AI voice agents have strong product-market fit—as a 70% cheaper replacement for humans across support calls, appointment bookings, and restaurant reservations—driving the rise of an AI-native audio stack of tools like Cartesia (Index Ventures) for text-to-speech, Deepgram ($86M raised, Madrona Ventures) for speech-to-text, and Hamming ($750K raised, YC S24) for testing.

United Kingdom

Tool for generating and editing human-like synthetic voices from text or samples

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ElevenLabs (ELEVENLABS GB)

Runway Vs. OpenAI

TL;DR: Founded in 2018, Runway’s AI-powered automations help filmmakers and VFX teams cut their video editing costs from $350 to ~$10 per shot....

Sacra

Coco Mao, CEO Of OpenArt, On Building The TikTok For AI Video

Who were your first customers at OpenArt and what do people typically use it for...

Sacra

ElevenLabs At $90M ARR

TL;DR: Sacra estimates that ElevenLabs hit $90M in annual recurring revenue (ARR) in October 2024, up 260% YoY. Now, the Adobe Creative Cloud of AI...

Sacra

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