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>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>Raycaster completed a pre-seed funding round on December 4, 2024, though the amount raised was not publicly disclosed.</li><li>Raycaster operates a B2B SaaS model targeting life sciences service providers and biotech companies.</li><li>Raycaster's success with ambient agent swarms that track patents, publications, trials, and competitive moves creates opportunities for always-on market and medical intelligence subscriptions.</li></ul>

Raycaster completed a pre-seed funding round on December 4, 2024, though the amount raised was not publicly disclosed.Raycaster operates a B2B SaaS model targeting life sciences service providers and biotech companies.Raycaster's success with ambient agent swarms that track patents, publications, trials, and competitive moves creates opportunities for always-on market and medical intelligence subscriptions.

<ul><li>Loyal has raised over $150 million in total funding, including a $22 million Series B-2 round in February 2025 led by Valor Equity Partners.</li><li>Loyal operates as a vertically integrated pharmaceutical company that develops prescription drugs distributed through veterinary channels.</li><li>Regulatory barriers play a critical role in this segment.</li></ul>

Loyal has raised over $150 million in total funding, including a $22 million Series B-2 round in February 2025 led by Valor Equity Partners.Loyal operates as a vertically integrated pharmaceutical company that develops prescription drugs distributed through veterinary channels.Regulatory barriers play a critical role in this segment.

Tahoe Therapeutics / Private Capital Markets

<ul><li>Tahoe Therapeutics raised $30 million in August 2025, bringing its total funding to $42 million and valuing the company at $120 million.</li><li>Tahoe has introduced Tahoe-100M, a dataset comprising 100 million cellular datapoints that document cancer cell responses to over 1,000 molecules.</li><li>Tahoe&#39;s virtual cell modeling approach extends beyond oncology into immunology, rare metabolic diseases, and neurological disorders.</li></ul>

Tahoe Therapeutics raised $30 million in August 2025, bringing its total funding to $42 million and valuing the company at $120 million.Tahoe has introduced Tahoe-100M, a dataset comprising 100 million cellular datapoints that document cancer cell responses to over 1,000 molecules.Tahoe&#39;s virtual cell modeling approach extends beyond oncology into immunology, rare metabolic diseases, and neurological disorders.

<ul><li>Now, as they expand to cancer therapy selection and monitoring, they’re competing with Natera, Myriad Genetics, and Guardant Health.</li><li>Developed during co-founder &amp; CEO Oguzhan Atay’s quantitative cell biology PhD at Stanford, the core tech behind BillionToOne (founded 2016) counts DNA molecules in the blood using machine learning with 1,000x higher resolution to identify risk factors in single base-pair mutations—which the company productized into the UNITY Screen (2019), a test for conditions like cystic fibrosis, SMA and sickle cell disease with a single non-invasive blood draw rather than invasive amniocentesis.</li><li>Hitting 500,000 total prenatal tests processed in June, Sacra estimates BillionToOne generated $153M in revenue in 2024, up 113% YoY from $72M in 2023, with 60%+ gross margins, valued at $1B as of their $130M June 2024 Series D for a 6.5x revenue multiple on nearly $400M raised in total.</li></ul>

Now, as they expand to cancer therapy selection and monitoring, they’re competing with Natera, Myriad Genetics, and Guardant Health.Developed during co-founder &amp; CEO Oguzhan Atay’s quantitative cell biology PhD at Stanford, the core tech behind BillionToOne (founded 2016) counts DNA molecules in the blood using machine learning with 1,000x higher resolution to identify risk factors in single base-pair mutations—which the company productized into the UNITY Screen (2019), a test for conditions like cystic fibrosis, SMA and sickle cell disease with a single non-invasive blood draw rather than invasive amniocentesis.Hitting 500,000 total prenatal tests processed in June, Sacra estimates BillionToOne generated $153M in revenue in 2024, up 113% YoY from $72M in 2023, with 60%+ gross margins, valued at $1B as of their $130M June 2024 Series D for a 6.5x revenue multiple on nearly $400M raised in total.

United States

AI platform combining generative AI with autonomous labs to accelerate scientific discovery in life, chemical, and materials sciences

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Lila Sciences (SCIENCES US)

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

Primer: Raycaster - 02 Oct 2025

Enterprise AI all-in-one for life sciences providers to speed regulatory and legal research

Sacra

Primer: Loyal - 25 Aug 2025

Biotech company developing drugs to extend the lifespan and healthspan of dogs

Sacra

Primer: Tahoe Therapeutics - 15 Aug 2025

Biotechnology company using AI models and in vivo data to discover better drugs for more patients

Sacra

BillionToOne At $153M/yr

TL;DR: Offering genetic testing to expecting mothers with a non-invasive blood draw rather than invasive amniocentesis, Sacra estimates...

Sacra

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