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 that Databricks hit $2.4B in annualized revenue in June 2024, up 60% year-over-year, for a 18x multiple on their $43B valuation (from September 2023), challenging the narrative of a slowdown in enterprise tech spending.</li><li>Databricks' $1.3B acquisition of MosaicML in 2023 (which trains LLMs at 40% of the price of OpenAI) has further positioned the company as a formidable player in the enterprise AI market, while their open source LLMs are increasingly gaining traction on Hugging Face, from DBRX Instruct (40K+ downloads per month) to Dolly v2 3B (350K+).</li><li>Databricks' Unity Catalog is the wedge product that’s become core to their AI strategy, becoming a category leader in the sparsely-populated data-governance-for-AI space with 10,000+ enterprise customers in less than two years after launch.</li></ul>

Sacra estimates that Databricks hit $2.4B in annualized revenue in June 2024, up 60% year-over-year, for a 18x multiple on their $43B valuation (from September 2023), challenging the narrative of a slowdown in enterprise tech spending.Databricks' $1.3B acquisition of MosaicML in 2023 (which trains LLMs at 40% of the price of OpenAI) has further positioned the company as a formidable player in the enterprise AI market, while their open source LLMs are increasingly gaining traction on Hugging Face, from DBRX Instruct (40K+ downloads per month) to Dolly v2 3B (350K+).Databricks' Unity Catalog is the wedge product that’s become core to their AI strategy, becoming a category leader in the sparsely-populated data-governance-for-AI space with 10,000+ enterprise customers in less than two years after launch.

<ul><li>Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.</li><li>Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.</li><li>Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.</li></ul>

Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.

Together AI: The $44M/year Vercel Of Generative AI

<ul><li>Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses built on GPT-3.</li><li>Jenni AI niched down into the academic essay-writing use case in 2022, getting to ~$560K ARR by the end of the year after verticalizing their “ChatGPT for college students”.</li><li>Sacra estimates that Jenni AI is at $5.1M annual recurring revenue (ARR) as of April 2024, growing 481% year-over-year.</li></ul>

Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses built on GPT-3.Jenni AI niched down into the academic essay-writing use case in 2022, getting to ~$560K ARR by the end of the year after verticalizing their “ChatGPT for college students”.Sacra estimates that Jenni AI is at $5.1M annual recurring revenue (ARR) as of April 2024, growing 481% year-over-year.

Jenni AI: The $5M/year Chegg Of Generative AI

<ul><li>The launch of ChatGPT in November 2022 decimated Jasper and Copy.ai’s prosumer and SMB businesses, with revenue going flat/into decline as customers replaced their $50/month subscriptions to Jasper/Copy.ai with free and $20/mo premium subscriptions to ChatGPT.</li><li>With its 32K token context window and superiority on reasoning tasks, the launch of GPT-4 in March 2023 enabled AI writing tools to re-position as enterprise solutions that could orchestrate complex, multi-tool workflows.</li><li>For these companies where revenue might have been flat-to-down during 2023, the faster they can shift the underlying revenue towards low-churn enterprise revenue, the faster that growth will re-accelerate.</li></ul>

The launch of ChatGPT in November 2022 decimated Jasper and Copy.ai’s prosumer and SMB businesses, with revenue going flat/into decline as customers replaced their $50/month subscriptions to Jasper/Copy.ai with free and $20/mo premium subscriptions to ChatGPT.With its 32K token context window and superiority on reasoning tasks, the launch of GPT-4 in March 2023 enabled AI writing tools to re-position as enterprise solutions that could orchestrate complex, multi-tool workflows.For these companies where revenue might have been flat-to-down during 2023, the faster they can shift the underlying revenue towards low-churn enterprise revenue, the faster that growth will re-accelerate.

<ul><li>Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.</li><li>With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.</li><li>Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.</li></ul>

Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.

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Model hub and collaboration tools for developers building with open-source AI models

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Hugging Face (FACE US)

Databricks At $2.4B ARR Growing 60%

TL;DR: Sacra estimates that Databricks hit $2.4B in annualized revenue in June 2024, up 60% year-over-year, as it retools as an AI company to take...

Sacra

Together AI: The $44M/year Vercel Of Generative AI

TL;DR: Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on...

Sacra

Jenni AI: The $5M/year Chegg Of Generative AI

TL;DR: Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses...

Sacra

AI Writing Goes Enterprise

TL;DR: AI writing tools Jasper and Copy.ai saw their prosumer and SMB businesses decimated by the launch of ChatGPT. In response, they’re niching...

Sacra

Anthropic At $316M ARR

TL;DR: With the launch of Claude 3 Opus, Anthropic has cemented itself alongside OpenAI, Mistral and Google as one of the small handful of LLM...

Sacra

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