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>Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.</li><li>Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.</li><li>The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.</li></ul>

Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.

<ul><li>Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024</li><li>OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping </li><li>By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the </li></ul>

Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the 

OpenEvidence At $50M/year Growing 30% MoM

<ul><li>Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.</li><li>Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.</li><li>With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.</li></ul>

Clio is seizing the AI moment to cross over from back office to front office with its AI copilot for law firms.Since the launch of Clio Payments (2021), payments now drive the majority of net new revenue growth, with Clio reaching a Sacra-estimated $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024.With its June 2025 acquisition of legal research platform vLex—and its 1B+ cases, statutes, and treatises from 200+ jurisdictions—Clio can combine its library of precedent with the lead-to-ledger data, document storage & workflows it already owns.

<ul><li>Sacra estimates that Harvey reached $75M in ARR in April 2025, up from $50M at the end of 2024.</li><li>Frontier reasoning models have commodified legal reasoning as a differentiator, with every major LLM company now beating Harvey’s proprietary, fine-tuned legal model on its own BigLaw Bench.</li><li>Like vertical enterprise AI for finance Hebbia, Harvey’s high-cost software represents a bundle of software and high-touch “forward-deployed” services to drive change management, implementation, and adoption within the company.</li></ul>

Sacra estimates that Harvey reached $75M in ARR in April 2025, up from $50M at the end of 2024.Frontier reasoning models have commodified legal reasoning as a differentiator, with every major LLM company now beating Harvey’s proprietary, fine-tuned legal model on its own BigLaw Bench.Like vertical enterprise AI for finance Hebbia, Harvey’s high-cost software represents a bundle of software and high-touch “forward-deployed” services to drive change management, implementation, and adoption within the company.

<ul><li>GPTZero reached $16M in ARR by April 2025, up from $6.8M at the end of 2024.</li><li>The November 2022 launch of ChatGPT enabled students to generate whole essays with a prompt, sparking a panic in education and inspiring the launch of GPTZero (founded in 2023), an AI detection web app that uses a fine-tuned language model to measure how closely each sentence in a text matches the statistical, next-token patterns learned from millions of LLM outputs.</li><li>Like Norton Antivirus riding the 1990’s rise of PC malware, GPTZero is riding the explosion of adversarial ChatGPT copy & paste—and not unlike how Windows bundled antivirus in the OS, GPTZero’s next phase of competition will come from the threat of bundling via 1) incumbents like Turnitin in GPTZero’s core vertical of education, and 2) watermarking in the underlying LLMs by OpenAI and Gemini or new models without signatures at all.</li></ul>

GPTZero reached $16M in ARR by April 2025, up from $6.8M at the end of 2024.The November 2022 launch of ChatGPT enabled students to generate whole essays with a prompt, sparking a panic in education and inspiring the launch of GPTZero (founded in 2023), an AI detection web app that uses a fine-tuned language model to measure how closely each sentence in a text matches the statistical, next-token patterns learned from millions of LLM outputs.Like Norton Antivirus riding the 1990’s rise of PC malware, GPTZero is riding the explosion of adversarial ChatGPT copy & paste—and not unlike how Windows bundled antivirus in the OS, GPTZero’s next phase of competition will come from the threat of bundling via 1) incumbents like Turnitin in GPTZero’s core vertical of education, and 2) watermarking in the underlying LLMs by OpenAI and Gemini or new models without signatures at all.

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)

Perplexity At $148M/year

TL;DR: Perplexity’s original wedge—LLM search with citations—has now been commoditized by every model lab. Now at a Sacra-estimated $148M in...

Sacra

OpenEvidence At $50M/year Growing 30% MoM

TL;DR: With doctors overwhelmed by the medical literature—which doubles in size every 5 years—OpenEvidence built a free AI-powered search engine...

Sacra

Clio At $300M/year

TL;DR: After building a practice management SaaS for solo lawyers & SMBs and layering on marketing, payments, & accounting, Clio is seizing the AI...

Sacra

Harvey At $75M ARR

TL;DR: Harvey has scrapped its fine-tuned legal model and gone multi-model as it shifts towards agentic workflows. Sacra estimates that Harvey...

Sacra

$16M/year Norton AntiVirus For AI Text

TL;DR: With the launch of ChatGPT triggering a panic over AI-generated essays in education, GPTZero launched as an AI detection platform that...

Sacra

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