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>Mid 2022, Scale’s bread-and-butter of autonomous vehicle (AV) data labeling workloads went into a decline alongside falling R&amp;D investment and VC funding, with GM’s Cruise (2021 valuation: $30B) suspending operations and Argo AI (2021 valuation: $7.B), Lyft (NASDAQ: LYFT), and Uber (NYSE: UBER) shutting down their AV programs.</li><li>In 2023, Scale’s revenue exploded to $760M ARR, up 162% YoY, with $18B in capital inflows to foundational model companies like OpenAI ($1.3B ARR in 2023), Anthropic ($200M ARR in 2023) and Cohere and generative AI apps like Runway ($237M raised) and Harvey ($106M raised) alongside the integration of gen AI-features into every app.</li><li>The very source of Scale’s near-term revenue re-acceleration poses the gravest long-term existential threat to its business, with LLMs getting closer to parity with humans on data-labeling tasks while being cheap and 20x as fast.</li></ul>

Mid 2022, Scale’s bread-and-butter of autonomous vehicle (AV) data labeling workloads went into a decline alongside falling R&amp;D investment and VC funding, with GM’s Cruise (2021 valuation: $30B) suspending operations and Argo AI (2021 valuation: $7.B), Lyft (NASDAQ: LYFT), and Uber (NYSE: UBER) shutting down their AV programs.In 2023, Scale’s revenue exploded to $760M ARR, up 162% YoY, with $18B in capital inflows to foundational model companies like OpenAI ($1.3B ARR in 2023), Anthropic ($200M ARR in 2023) and Cohere and generative AI apps like Runway ($237M raised) and Harvey ($106M raised) alongside the integration of gen AI-features into every app.The very source of Scale’s near-term revenue re-acceleration poses the gravest long-term existential threat to its business, with LLMs getting closer to parity with humans on data-labeling tasks while being cheap and 20x as fast.

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Harvey (HARVEY US)

Scale At $760M ARR

TL;DR: Sacra estimates that Scale grew annual recurring revenue (ARR) 158% to $760M in 2023 riding the LLM wave just as their previous bread-and...

Sacra

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