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>In 5 years regulation will be a defining force in AI safety and compliance work requiring human validation.</li><li>What really matters is net revenue and margins for durability.</li><li>Models are already reaching a point where they surpass the knowledge of the experts who trained them.</li></ul>

In 5 years regulation will be a defining force in AI safety and compliance work requiring human validation.What really matters is net revenue and margins for durability.Models are already reaching a point where they surpass the knowledge of the experts who trained them.

Jemma White, COO Of Prolific, On Why Humans Ensure AI Safety

<ul><li>The demand from frontier AI labs for expert data labeling has driven the growth of companies like Mercor ($100M annualized revenue in February 2025) to Invisible ($134M in 2024) to Handshake ($50M from AI data labeling).</li><li>Traditional boundaries between expert calls (GLG, AlphaSights, Tegus), market surveys (Gartner, Forrester) and user interviews (UserTesting, User Interviews) are collapsing into a single "primary research" category worth tens of billions—with life sciences consulting alone at $50B+—as AI abstracts away specific formats into agents that can run voice interviews & surveys, generate & extract content & data and produce completions & reports.</li><li>As foundation model labs have moved towards reasoning models which require PhD-level evaluation and fine-tuning, aggregating the supply side of verified & highly-credentialed domain experts across finance, legal, healthcare & other verticals has become key to serving demand—versus low-cost annotations from crowdsourced Mechanical Turk-style overseas workers.</li></ul>

The demand from frontier AI labs for expert data labeling has driven the growth of companies like Mercor ($100M annualized revenue in February 2025) to Invisible ($134M in 2024) to Handshake ($50M from AI data labeling).Traditional boundaries between expert calls (GLG, AlphaSights, Tegus), market surveys (Gartner, Forrester) and user interviews (UserTesting, User Interviews) are collapsing into a single "primary research" category worth tens of billions—with life sciences consulting alone at $50B+—as AI abstracts away specific formats into agents that can run voice interviews & surveys, generate & extract content & data and produce completions & reports.As foundation model labs have moved towards reasoning models which require PhD-level evaluation and fine-tuning, aggregating the supply side of verified & highly-credentialed domain experts across finance, legal, healthcare & other verticals has become key to serving demand—versus low-cost annotations from crowdsourced Mechanical Turk-style overseas workers.

Joe Kim, CEO Of Office Hours, On The End Of Crowdwork

<ul><li>Office Hours raised a $5M seed round in February 2021, led by CRV, with participation from Susa Ventures, BoxGroup, Greenoaks, Manresa Ventures, and AirAngels.</li><li>The company generates revenue by taking a percentage of each consultation fee, following a model similar to other marketplaces.</li><li>Office Hours has diversified its customer base beyond venture capital and consulting firms to include corporate strategy teams, product management organizations, and early-stage startups.</li></ul>

Office Hours raised a $5M seed round in February 2021, led by CRV, with participation from Susa Ventures, BoxGroup, Greenoaks, Manresa Ventures, and AirAngels.The company generates revenue by taking a percentage of each consultation fee, following a model similar to other marketplaces.Office Hours has diversified its customer base beyond venture capital and consulting firms to include corporate strategy teams, product management organizations, and early-stage startups.

<ul><li>Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.</li><li>Invisible works by routing model outputs through trained raters who score completions.</li><li>Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.</li></ul>

Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.Invisible works by routing model outputs through trained raters who score completions.Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.

<ul><li>Sacra estimates Invisible hit $134M in annualized revenue at the end of 2024 revenue, up 123% YoY, off the back of major RLHF contracts Microsoft and Cohere.</li><li>Invisible Technologies (founded 2015) started as a virtual assistant service and has since grown into a platform that businesses use to outsource repetitive, high-volume tasks.</li><li>Finding product-market fit in foundation lab RLHF and AI model training after breakthrough contracts with Microsoft and Cohere, Sacra estimates Invisible Technologies hit $134M in annualized revenue in 2024, up 123% YoY from $60M in 2023.</li></ul>

Sacra estimates Invisible hit $134M in annualized revenue at the end of 2024 revenue, up 123% YoY, off the back of major RLHF contracts Microsoft and Cohere.Invisible Technologies (founded 2015) started as a virtual assistant service and has since grown into a platform that businesses use to outsource repetitive, high-volume tasks.Finding product-market fit in foundation lab RLHF and AI model training after breakthrough contracts with Microsoft and Cohere, Sacra estimates Invisible Technologies hit $134M in annualized revenue in 2024, up 123% YoY from $60M in 2023.

United States

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

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Mercor (MERCOR US)

Jemma White, COO Of Prolific, On Why Humans Ensure AI Safety

Like a lot of companies in this space, when Prolific started it was working on a slightly different use case. How did Prolific evolve to meet AI...

Sacra

Joe Kim, CEO Of Office Hours, On The End Of Crowdwork

I'll start with the origin story. You were at AlphaSights for a while. What were the experiences and insights you had that led you to start Office...

Sacra

Primer: Office Hours - 31 Aug 2025

Platform connecting clients with advisors for expert knowledge-sharing across various industries

Sacra

Invisible Vs Mercor

TL;DR: With the rise of frontier AI labs needing human feedback to fix hallucinations and align model behavior, Invisible shifted gears from...

Sacra

Invisible At $134M In Revenue

TL;DR: By combining software orchestration with a 3,000+ person distributed workforce, Invisible is positioning itself as the “AWS for...

Sacra

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