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>Finding product-market fit with artists, hobbyists and small businesses to generate custom creative assets for books, posters and games, Sacra estimates that OpenArt hit $12M ARR in February 2025, up 1,100% YoY and getting from $1M to $10M ARR in 12 months with 8 employees.</li><li>As the AI image generation market became highly competitive with tools like Ideogram, Craiyon, and Playground AI all launching in 2022, OpenArt has begun expanding into video as its second visual storytelling medium, connecting open-source models for image generation and video synthesis.</li><li>Text-to-image AI models took off in 2022-3, creating the opportunity for OpenArt (2023) to launch as an image creation &amp; editing platform that lets users generate images in a variety of artistic styles via 100+ fine-tuned models and edit images with pre-baked, no-prompting workflows for sketch-to-image conversion, upscaling, face replacement, and more.</li></ul>

Finding product-market fit with artists, hobbyists and small businesses to generate custom creative assets for books, posters and games, Sacra estimates that OpenArt hit $12M ARR in February 2025, up 1,100% YoY and getting from $1M to $10M ARR in 12 months with 8 employees.As the AI image generation market became highly competitive with tools like Ideogram, Craiyon, and Playground AI all launching in 2022, OpenArt has begun expanding into video as its second visual storytelling medium, connecting open-source models for image generation and video synthesis.Text-to-image AI models took off in 2022-3, creating the opportunity for OpenArt (2023) to launch as an image creation &amp; editing platform that lets users generate images in a variety of artistic styles via 100+ fine-tuned models and edit images with pre-baked, no-prompting workflows for sketch-to-image conversion, upscaling, face replacement, and more.

<ul><li>Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.</li><li>Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.</li><li>Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.</li></ul>

Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.

<ul><li>ElevenLabs opened the floodgates with their AI model for generating audio across 1,000+ synthetic, human-sounding voices that could speak in 32 different languages.</li><li>ElevenLabs is moving from foundation model to application layer and building the Adobe Creative Cloud ($13B in yearly revenue) for AI-generated audio, with Sacra estimating ElevenLabs crossed $90M in annual recurring revenue in October 2024, up 350% YoY.</li><li>AI voice agents have strong product-market fit—as a 70% cheaper replacement for humans across support calls, appointment bookings, and restaurant reservations—driving the rise of an AI-native audio stack of tools like Cartesia (Index Ventures) for text-to-speech, Deepgram ($86M raised, Madrona Ventures) for speech-to-text, and Hamming ($750K raised, YC S24) for testing.</li></ul>

ElevenLabs opened the floodgates with their AI model for generating audio across 1,000+ synthetic, human-sounding voices that could speak in 32 different languages.ElevenLabs is moving from foundation model to application layer and building the Adobe Creative Cloud ($13B in yearly revenue) for AI-generated audio, with Sacra estimating ElevenLabs crossed $90M in annual recurring revenue in October 2024, up 350% YoY.AI voice agents have strong product-market fit—as a 70% cheaper replacement for humans across support calls, appointment bookings, and restaurant reservations—driving the rise of an AI-native audio stack of tools like Cartesia (Index Ventures) for text-to-speech, Deepgram ($86M raised, Madrona Ventures) for speech-to-text, and Hamming ($750K raised, YC S24) for testing.

<ul><li>Sacra estimates that HeyGen hit $22M in annualized recurring revenue (ARR) in May, up 1024% year-over-year.</li><li>Synthesia and HeyGen’s early pivots into enterprise have allowed them to largely avoid the AI prosumer trap that slowed the growth of Jasper and Copy.ai, with 70% of Synthesia’s revenue coming from enterprise deals.</li><li>While HeyGen and Synthesia build end-user SaaS, Tavus is building APIs and developer tooling around their own custom models to make AI talking heads a native feature of every SaaS product.</li></ul>

Sacra estimates that HeyGen hit $22M in annualized recurring revenue (ARR) in May, up 1024% year-over-year.Synthesia and HeyGen’s early pivots into enterprise have allowed them to largely avoid the AI prosumer trap that slowed the growth of Jasper and Copy.ai, with 70% of Synthesia’s revenue coming from enterprise deals.While HeyGen and Synthesia build end-user SaaS, Tavus is building APIs and developer tooling around their own custom models to make AI talking heads a native feature of every SaaS product.

<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

Malaysia

Writing tool for students generating essays with AI suggestions and auto-citations

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Jenni AI (AI MY)

OpenArt At $12M ARR Growing 1,100% YoY

TL;DR: As text-to-image AI models took off in 2022-3, OpenArt found product-market fit and grew to a Sacra-estimated $12M ARR (up 1,100% YoY)...

Sacra

AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

Sacra

ElevenLabs At $90M ARR

TL;DR: Sacra estimates that ElevenLabs hit $90M in annual recurring revenue (ARR) in October 2024, up 260% YoY. Now, the Adobe Creative Cloud of AI...

Sacra

AI Talking Heads Growing 1024%

TL;DR: Sacra estimates that HeyGen hit $22M in annualized recurring revenue (ARR) in May, up 1024% year-over-year, as AI-generated talking head...

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

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