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 Invisible generated $134M in revenue in 2024, up 123% from $60M in 2023.</li><li>Invisible&#39;s recent growth has been propelled by significant contracts for reinforcement learning with human feedback (RLHF) services.</li><li>Invisible operates as a B2B tech-enabled service company bridging the gap between pure software automation and traditional outsourcing.</li></ul>

Sacra estimates that Invisible generated $134M in revenue in 2024, up 123% from $60M in 2023.Invisible&#39;s recent growth has been propelled by significant contracts for reinforcement learning with human feedback (RLHF) services.Invisible operates as a B2B tech-enabled service company bridging the gap between pure software automation and traditional outsourcing.

<ul><li>Sacra estimates that Handshake hit approximately $1.1B in annualized gross revenue in April 2026.</li><li>Launched in January 2025, Handshake AI has become the dominant growth driver.</li><li>The bottom fell out in late 2023 when mass layoffs and hiring freezes devastated recruiting budgets.</li></ul>

Sacra estimates that Handshake hit approximately $1.1B in annualized gross revenue in April 2026.Launched in January 2025, Handshake AI has become the dominant growth driver.The bottom fell out in late 2023 when mass layoffs and hiring freezes devastated recruiting budgets.

<ul><li>Datacurve closed a $15 million Series A in October 2025 led by Chemistry, with participation from Y Combinator, Balaji Srinivasan, and employees from DeepMind, Vercel, Anthropic, and OpenAI.</li><li>The enterprise AI coding assistant market is projected to grow from $2.1 billion in 2024 to $19 billion by 2033, driven by Fortune 500 internal copilot deployments.</li><li>If major customers decide to handle data collection internally or reduce training data budgets, Datacurve's revenue could face significant impact.</li></ul>

Datacurve closed a $15 million Series A in October 2025 led by Chemistry, with participation from Y Combinator, Balaji Srinivasan, and employees from DeepMind, Vercel, Anthropic, and OpenAI.The enterprise AI coding assistant market is projected to grow from $2.1 billion in 2024 to $19 billion by 2033, driven by Fortune 500 internal copilot deployments.If major customers decide to handle data collection internally or reduce training data budgets, Datacurve's revenue could face significant impact.

<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>Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with growth decelerating.</li><li>COVID dramatically accelerated Handshake's growth as remote recruiting exploded and in-person career fairs disappeared, driving revenue from $36M in 2020 to $75M in 2021 (108% YoY) and $120M in 2022 (60% YoY).</li><li>In 2023, frontier model companies drove massive demand for academically credentialed data labelers to power reasoning models and benchmarks in math, law & physics—driving the growth of companies like Mercor (Mercor $500M annualized revenue in August 2025)—with Handshake specifically well positioned to capitalize.</li></ul>

Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with growth decelerating.COVID dramatically accelerated Handshake's growth as remote recruiting exploded and in-person career fairs disappeared, driving revenue from $36M in 2020 to $75M in 2021 (108% YoY) and $120M in 2022 (60% YoY).In 2023, frontier model companies drove massive demand for academically credentialed data labelers to power reasoning models and benchmarks in math, law & physics—driving the growth of companies like Mercor (Mercor $500M annualized revenue in August 2025)—with Handshake specifically well positioned to capitalize.

United States

Marketplace matching AI labs with pre-vetted domain experts for RLHF tasks

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Mercor (MERCOR US)

Primer: Invisible - 22 Apr 2026

Outsourcing and automation service combining AI and human intelligence to execute digital tasks

Sacra

Primer: Handshake - 22 Apr 2026

Training data platform providing expert human labeling, validation, and model evaluation for frontier AI labs

Sacra

Primer: Datacurve - 10 Oct 2025

Platform providing high-quality coding data for training and evaluating large language models

Sacra

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

Handshake Vs Mercor

TL;DR: Handshake (2013) grew its campus recruiting portal & job marketplace to 18M students, ending 2024 at ~$190M in revenue (up 6% YoY) but with...

Sacra

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