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>Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.</li><li>First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.</li><li>Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.</li></ul>

Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.

David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

<ul><li>Foundation model companies OpenAI & Anthropic commoditized the first wave of vertical AI companies that reasoned over public data—like web PDFs, patents and earnings calls—with agentic products that browse the web, do deep research and build datasets, spurring the next wave of vertical AI companies that focus on integrating frontier models with vertical-specific workflows, embedded with proprietary telemetry that captures document diffs, user corrections & tool calls.</li><li>In highly-regulated, risk-averse industries, less than 1% of manual workflows have been replaced with AI as companies fear IP exposure through third-party models, unauditable changes to high-stakes documents, and AI-generated content they can't verify or trace back to source material, creating the opportunity for companies like Raycaster for biotech (Seed, Y Combinator) alongside bigger players like Harvey for law ($21M Series A, Sequoia) and Hebbia for finance ($30M Series A, Index Ventures).</li><li>Today&#39;s emerging vertical AI playbook: 1) embed engineers a la Palantir&#39;s forward-deployed model to build AI workflows and automate away manual processes, 2) hire domain experts as internal evaluators through a Mercor-like contractor network to tune &amp; improve outputs, and 3) capture customers’ usage data to continually improve the system.</li></ul>

Foundation model companies OpenAI & Anthropic commoditized the first wave of vertical AI companies that reasoned over public data—like web PDFs, patents and earnings calls—with agentic products that browse the web, do deep research and build datasets, spurring the next wave of vertical AI companies that focus on integrating frontier models with vertical-specific workflows, embedded with proprietary telemetry that captures document diffs, user corrections & tool calls.In highly-regulated, risk-averse industries, less than 1% of manual workflows have been replaced with AI as companies fear IP exposure through third-party models, unauditable changes to high-stakes documents, and AI-generated content they can't verify or trace back to source material, creating the opportunity for companies like Raycaster for biotech (Seed, Y Combinator) alongside bigger players like Harvey for law ($21M Series A, Sequoia) and Hebbia for finance ($30M Series A, Index Ventures).Today&#39;s emerging vertical AI playbook: 1) embed engineers a la Palantir&#39;s forward-deployed model to build AI workflows and automate away manual processes, 2) hire domain experts as internal evaluators through a Mercor-like contractor network to tune &amp; improve outputs, and 3) capture customers’ usage data to continually improve the system.

Levi Lian, CEO Of Raycaster, On Why Vertical AI Is Workflows First & Chat Last

<ul><li>Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.</li><li>Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.</li><li>Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.</li></ul>

Fireworks AI gave Hebbia access to state-of-the-art open models with OpenAI-style endpoints, enabling rapid deployment of buzzy models like DeepSeek without special integrations.Hebbia's inference patterns included high-concurrency chat products for analysts, token-heavy batch document processing, and model choice flexibility—all requiring different latency profiles that benefited from Fireworks' throughput guarantees and observability tooling.Model optionality became a key differentiator in Hebbia's enterprise sales, with Fireworks enabling them to offer both closed and open models while addressing security concerns about data retention—positioning them against competitors limited to just OpenAI and Anthropic.

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

<ul><li>Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.</li><li>After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.</li><li>As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.</li></ul>

Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.

<ul><li>Onit's most recent funding was a $200 million investment from K1 Investment Management in January 2019.</li><li>In early 2025, Onit introduced Unity, a unified interface layer that consolidates its acquired brands.</li><li>Onit operates a B2B SaaS model targeting corporate legal departments, government agencies, and insurance companies.</li></ul>

Onit's most recent funding was a $200 million investment from K1 Investment Management in January 2019.In early 2025, Onit introduced Unity, a unified interface layer that consolidates its acquired brands.Onit operates a B2B SaaS model targeting corporate legal departments, government agencies, and insurance companies.

United States

AI assistant for legal research and document review used by law firms and in-house counsel

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Harvey (HARVEY US)

David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

Can you tell us what Asteroid is and what inspired you to start the company...

Sacra

Levi Lian, CEO Of Raycaster, On Why Vertical AI Is Workflows First & Chat Last

What is Raycaster in short and what inspired you to start the company...

Sacra

Fireworks AI Customer At Hebbia On Serving state-of-the-art Models With Unified APIs

At Hebia, what Fireworks AI features did you actually use? For example, serverless endpoints or fine tuning? And what did your typical inference...

Sacra

Manus At $90M/year

TL;DR: Founded in 2022, Manus launched in March 2025 as the first consumer-facing agent that combined agentic browser control, deep research, and...

Sacra

Primer: Onit - 17 Sep 2025

Enterprise software and AI platforms for legal, compliance, sales, IT, HR, and finance departments

Sacra

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