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>Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.</li><li>With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.</li><li>Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.</li></ul>

Anthropic positioned itself as the large language model (LLM) for businesses with their mid-2023 update to Claude, adding a 100K token context window (versus the 8K of OpenAI’s GPT-4) so companies could do the now-standard process of RAG plus zero-shot prompting to retrieve proprietary data and inject it into their prompts.With Anthropic’s March launch of Claude 3 Opus, OpenAI’s GPT-4 has competition for its crown as the state of the art LLM for B2B, with Perplexity CEO Aravind Srinivas deeming Opus the best LLM on the market.Sacra estimates that Anthropic is at $316M annual recurring revenue (ARR), up 1,341% year-over-year from $22M ARR in March 2023 with a 61x forward revenue multiple on their last valuation of $18.4B, monetizing like OpenAI both with its developer tools API via usage and offering a prosumer chat experience on subscription.

<ul><li>Photoroom hit $65M in annual recurring revenue (ARR), up 195% year-over-year, and built the biggest mobile-first generative AI app in the world by giving eBay merchants a one-tap way to upload better listing photos.</li><li>Photoroom found product-market fit as an AI-powered image editor for eBay, Depop, and Poshmark merchants to remove the backgrounds from their photos and create professional-looking listings—by August, they were at 300K monthly active users (MAUs) and $1M ARR, growing 50% month-over-month.</li><li>With the launch of their API, Photoroom is moving upmarket from their SMB-like prosumers, selling programmatic image editing into content brands like Warner Brothers, Lionsgate and Netflix as well as marketplaces like Wolt, Faire, Zomato and Shopify that host large amounts of user-created content.</li></ul>

Photoroom hit $65M in annual recurring revenue (ARR), up 195% year-over-year, and built the biggest mobile-first generative AI app in the world by giving eBay merchants a one-tap way to upload better listing photos.Photoroom found product-market fit as an AI-powered image editor for eBay, Depop, and Poshmark merchants to remove the backgrounds from their photos and create professional-looking listings—by August, they were at 300K monthly active users (MAUs) and $1M ARR, growing 50% month-over-month.With the launch of their API, Photoroom is moving upmarket from their SMB-like prosumers, selling programmatic image editing into content brands like Warner Brothers, Lionsgate and Netflix as well as marketplaces like Wolt, Faire, Zomato and Shopify that host large amounts of user-created content.

Photoroom: The $65M/year Background Removal App

<ul><li>Anthropic hit $100M annual recurring revenue (ARR) midway through 2023, up ~1,900% from only $10M at the end of 2022, with a $4.1B valuation for a forward revenue multiple of 41x.</li><li>OpenAI’s GPT-4 is the best LLM for reasoning and complex tasks, but it’s expensive and slow—opening the door for companies like Anthropic (Claude) and Cohere (Command) to target developers with cheaper and faster models.</li><li>As with on-demand companies like Uber and Lyft in the early 2010’s, the initial hype cycle has seen billions invested in the LLMs deemed most likely to win—$14.5B into OpenAI, Anthropic, and Cohere alone—creating capital moats as barriers to future competition.</li></ul>

Anthropic hit $100M annual recurring revenue (ARR) midway through 2023, up ~1,900% from only $10M at the end of 2022, with a $4.1B valuation for a forward revenue multiple of 41x.OpenAI’s GPT-4 is the best LLM for reasoning and complex tasks, but it’s expensive and slow—opening the door for companies like Anthropic (Claude) and Cohere (Command) to target developers with cheaper and faster models.As with on-demand companies like Uber and Lyft in the early 2010’s, the initial hype cycle has seen billions invested in the LLMs deemed most likely to win—$14.5B into OpenAI, Anthropic, and Cohere alone—creating capital moats as barriers to future competition.

United States

AI image generation tool for creating visuals from text prompts via web or Discord

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Midjourney (MIDJOURNEY US)

Anthropic At $316M ARR

TL;DR: With the launch of Claude 3 Opus, Anthropic has cemented itself alongside OpenAI, Mistral and Google as one of the small handful of LLM...

Sacra

Photoroom: The $65M/year Background Removal App

TL;DR: Photoroom hit $65M in annual recurring revenue (ARR), up 195% year-over-year, and built the biggest mobile-first generative AI app in the...

Sacra

OpenAI Vs. Anthropic Vs. Cohere

TL;DR: The surprise success of ChatGPT has expanded OpenAI’s consumer ambitions, creating an opportunity for LLM startups...

Sacra

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