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>Oura accelerated for the second year in a row, growing 120% YoY after growing 79% YoY in 2023 and 10% in 2022.</li><li>Oura sold 1.3M rings in 2024 (~$390M hardware revenue, 80% of overall) and doubled paying subscribers to 2M (~$110M subscription revenue, 20% of overall).</li><li>From its initial wedge in sleep tracking (2015), Oura has expanded into readiness &amp; recovery (2018), cycle tracking (2022), stress (2024), and most recently metabolic health (May 2025).</li></ul>

Oura accelerated for the second year in a row, growing 120% YoY after growing 79% YoY in 2023 and 10% in 2022.Oura sold 1.3M rings in 2024 (~$390M hardware revenue, 80% of overall) and doubled paying subscribers to 2M (~$110M subscription revenue, 20% of overall).From its initial wedge in sleep tracking (2015), Oura has expanded into readiness &amp; recovery (2018), cycle tracking (2022), stress (2024), and most recently metabolic health (May 2025).

<ul><li>Three form factors for AI agents are emerging—browser-based &amp; mobile apps (ChatGPT, Claude, Perplexity) with easy distribution and app-level integrations, native apps with OS-level integrations & OS forks (Perplexity Assistant, Granola, Wafer) that unlock deeper awareness across a user’s apps and data but face distribution challenges, and purpose-built AI hardware devices (Friend, Rabbit) with novel interaction patterns.</li><li>OpenAI’s hardware projects and Perplexity’s new Android assistant are attacking the OS-level AI assistant layer where Google and Apple’s app store–based business models—built on developers giving up a 30% cut in exchange for distribution—make it structurally difficult for Google and Apple themselves to route users around apps entirely.</li><li>Android’s open ecosystem structure represents a huge opportunity for AI-first computing, with custom assistants (Perplexity), launchers (Microsoft Launcher), and full-on forks (Wafer, /dev/agents) potentially providing Samsung and the 96% of non-Google Android OEMs with the firepower to build the first AI-native smartphone experience.</li></ul>

Three form factors for AI agents are emerging—browser-based &amp; mobile apps (ChatGPT, Claude, Perplexity) with easy distribution and app-level integrations, native apps with OS-level integrations & OS forks (Perplexity Assistant, Granola, Wafer) that unlock deeper awareness across a user’s apps and data but face distribution challenges, and purpose-built AI hardware devices (Friend, Rabbit) with novel interaction patterns.OpenAI’s hardware projects and Perplexity’s new Android assistant are attacking the OS-level AI assistant layer where Google and Apple’s app store–based business models—built on developers giving up a 30% cut in exchange for distribution—make it structurally difficult for Google and Apple themselves to route users around apps entirely.Android’s open ecosystem structure represents a huge opportunity for AI-first computing, with custom assistants (Perplexity), launchers (Microsoft Launcher), and full-on forks (Wafer, /dev/agents) potentially providing Samsung and the 96% of non-Google Android OEMs with the firepower to build the first AI-native smartphone experience.

Sam Hall, CEO Of Wafer, On AI Agent Form Factors

<ul><li>Oura generated $225M in revenue in 2023, up 53% year-over-year.</li><li>Oura grew 53% to ~$225M in 2023 with the growth of their subscription product, the launch of B2B sales, and the expansion of their online and in-store retail footprint.</li><li>Oura’s future vision hinges on becoming a comprehensive health hub and digital identity platform for people who aren’t in the Apple Watch ecosystem.</li></ul>

Oura generated $225M in revenue in 2023, up 53% year-over-year.Oura grew 53% to ~$225M in 2023 with the growth of their subscription product, the launch of B2B sales, and the expansion of their online and in-store retail footprint.Oura’s future vision hinges on becoming a comprehensive health hub and digital identity platform for people who aren’t in the Apple Watch ecosystem.

<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>Rewind pivoted from its previous product, Scribe.ai—a Zoom bot that recorded meetings and turned them into searchable transcripts—as the AI-powered call recording app category got crowded with competitors like Otter.ai, Grain, Fathom, Fireflies.ai, and Multi and as every B2B SaaS app got “Gong-ified,” tacking on call recordings as a feature.</li><li>Last month, Rewind launched the AI wearable Pendant to capture both on- and offline conversations, announced it was returning its focus back to meeting recordings and split meeting recordings into a separate platform from Rewind branded as Limitless.</li><li>Today, Limitless is a multi-product company with $2.2M ARR split across two different apps—Limitless with $100K ARR and $1.3M in Pendant sales and Rewind, which is no longer receiving updates, with $2.1M ARR.</li></ul>

Rewind pivoted from its previous product, Scribe.ai—a Zoom bot that recorded meetings and turned them into searchable transcripts—as the AI-powered call recording app category got crowded with competitors like Otter.ai, Grain, Fathom, Fireflies.ai, and Multi and as every B2B SaaS app got “Gong-ified,” tacking on call recordings as a feature.Last month, Rewind launched the AI wearable Pendant to capture both on- and offline conversations, announced it was returning its focus back to meeting recordings and split meeting recordings into a separate platform from Rewind branded as Limitless.Today, Limitless is a multi-product company with $2.2M ARR split across two different apps—Limitless with $100K ARR and $1.3M in Pendant sales and Rewind, which is no longer receiving updates, with $2.1M ARR.

United States

Wearable and software tool for recording, transcribing, and searching workplace conversations

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Limitless (LIMITLESS US)

Oura At $500M/year Growing 120% YoY

TL;DR: At a Sacra-estimated $500M in revenue for 2024, Oura accelerated for the second year in a row, growing 120% YoY after growing 79% YoY in...

Sacra

Sam Hall, CEO Of Wafer, On AI Agent Form Factors

We’ve written about Granola, the desktop app that uses system audio to launch & record meetings and Rewind (now Limitless), the desktop app that...

Sacra

Oura At $225M

TL;DR: Sacra estimates that Oura generated $225M in revenue in 2023, up 53% year-over-year, re-accelerating with the launch of their subscription...

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

Apple Vs. Limitless Vs. Gong

TL;DR: Last month, Rewind AI (valued at $350M) hit $2.2M in annual recurring revenue (ARR) rebranded as Limitless and announced the AI wearable...

Sacra

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