Private Markets, Angel and Secondary Investing, Sacra

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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

Emergent Industrial Solutions / Private Capital Markets

Emergent Industrial Solutions (EMERGENT IN)

<ul><li>Sacra estimates that Emergent hit $100M in annual recurring revenue (ARR) in February 2026, up from $25M in December 2025.</li><li>In January 2026, Emergent raised $70 million in a funding round jointly led by SoftBank Vision Fund 2 and Khosla Ventures that tripled the company&#39;s valuation to $300 million.</li><li>Emergent is a browser-based conversation-to-code platform that transforms natural language descriptions into production-ready applications.</li></ul>

Sacra estimates that Emergent hit $100M in annual recurring revenue (ARR) in February 2026, up from $25M in December 2025.In January 2026, Emergent raised $70 million in a funding round jointly led by SoftBank Vision Fund 2 and Khosla Ventures that tripled the company&#39;s valuation to $300 million.Emergent is a browser-based conversation-to-code platform that transforms natural language descriptions into production-ready applications.

<ul><li>Sacra estimates that Cognition hit $1B in annualized revenue in September 2026.</li><li>In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.</li><li>Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.</li></ul>

Sacra estimates that Cognition hit $1B in annualized revenue in September 2026.In September 2026, Cognition raised more than $2B at a $48B valuation, nearly doubling its $26B valuation from May 2026.Growth has been driven by rapid adoption of Devin in the developer community, where tens of thousands of users subscribe for autonomous coding assistance, alongside Windsurf&#39;s top-down enterprise sales motion.

<ul><li>Sacra estimates that Lovable reached $600M in annualized revenue by September 2026, up 20% from $500M in May and 2.4x from $250M at the end of 2025.</li><li>Lovable was valued at $13.3B following its $400M Series C round led by Menlo Ventures and co-led by the Scaleup Europe Fund, managed by EQT, in August 2026.</li><li>Lovable monetizes through workspace subscriptions and usage-based credits.</li></ul>

Sacra estimates that Lovable reached $600M in annualized revenue by September 2026, up 20% from $500M in May and 2.4x from $250M at the end of 2025.Lovable was valued at $13.3B following its $400M Series C round led by Menlo Ventures and co-led by the Scaleup Europe Fund, managed by EQT, in August 2026.Lovable monetizes through workspace subscriptions and usage-based credits.

<ul><li>Reflection AI was valued at $27.5B following its $2.5B funding round in March 2026.</li><li>Reflection AI operates a B2B SaaS model targeting enterprise engineering organizations.</li><li>Reflection AI can expand beyond code research into adjacent areas of the software development lifecycle.</li></ul>

Reflection AI was valued at $27.5B following its $2.5B funding round in March 2026.Reflection AI operates a B2B SaaS model targeting enterprise engineering organizations.Reflection AI can expand beyond code research into adjacent areas of the software development lifecycle.

<ul><li>Warp raised $50 million in a Series B round in June 2023, led by Sequoia Capital.</li><li>Warp 2.0 introduces the Agentic Development Environment (open-sourced April 2026), which deploys multiple long-running AI agents capable of editing code, executing commands, and managing workflows concurrently.</li><li>Warp has surpassed 1 million active developers, up from over 500,000 previously reported.</li></ul>

Warp raised $50 million in a Series B round in June 2023, led by Sequoia Capital.Warp 2.0 introduces the Agentic Development Environment (open-sourced April 2026), which deploys multiple long-running AI agents capable of editing code, executing commands, and managing workflows concurrently.Warp has surpassed 1 million active developers, up from over 500,000 previously reported.

India

Emergent Industrial Solutions is a trading company specializing in the international commerce of raw materials for the steel and ferroalloys industries, including metallurgical coke, iron ore, and ferro alloys. The company also trades in agricultural commodities and green energy products. It was founded in 1983 and is headquartered in New Delhi, India.

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Emergent Industrial Solutions (EMERGENT IN)

Primer: Emergent - 18 Feb 2026

Platform enabling non-technical users to build full-stack, production-ready applications using autonomous AI agents

Sacra

Primer: Cognition - 29 Sep 2026

AI-powered coding assistant for software engineers to write, debug, and optimize code

Sacra

Primer: Lovable - 28 Sep 2026

AI-powered editor for generating and visually editing full-stack web apps

Sacra

Primer: Reflection AI - 26 Aug 2026

AI company developing superintelligent autonomous systems, starting with coding agents

Sacra

Primer: Warp - 19 Aug 2026

AI-powered terminal emulator for developers to write, run, and debug code collaboratively

Sacra

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