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>Mem0 raised $24 million across two rounds announced in October 2025.</li><li>The Python package has accumulated over 14 million downloads, reflecting broad adoption across the developer ecosystem.</li><li>In May 2025, AWS selected Mem0 as the exclusive memory provider for its Agent SDK (Strands).</li></ul>

Mem0 raised $24 million across two rounds announced in October 2025.The Python package has accumulated over 14 million downloads, reflecting broad adoption across the developer ecosystem.In May 2025, AWS selected Mem0 as the exclusive memory provider for its Agent SDK (Strands).

<ul><li>Sacra estimates that Perplexity hit $750M in annualized revenue in August 2026, up from $232M at the end of 2025.</li><li>Perplexity was valued at $20B after raising $200M in a round announced in September 2025.</li><li>Perplexity operates on a tiered subscription model.</li></ul>

Sacra estimates that Perplexity hit $750M in annualized revenue in August 2026, up from $232M at the end of 2025.Perplexity was valued at $20B after raising $200M in a round announced in September 2025.Perplexity operates on a tiered subscription model.

<ul><li>ElevenLabs generates revenue primarily through its AI voice platform, which is used by 41% of Fortune 500 companies.</li><li>As of February 2026, ElevenLabs raised $500M in a Series D round led by Sequoia Capital at an $11B valuation.</li><li>The company added $100M in net new ARR in Q1 2026 alone, ending the quarter at roughly $450M ARR before crossing $500M in April.</li></ul>

ElevenLabs generates revenue primarily through its AI voice platform, which is used by 41% of Fortune 500 companies.As of February 2026, ElevenLabs raised $500M in a Series D round led by Sequoia Capital at an $11B valuation.The company added $100M in net new ARR in Q1 2026 alone, ending the quarter at roughly $450M ARR before crossing $500M in April.

<ul><li>Sacra estimates that Deepgram hit $100M in annual recurring revenue (ARR) in August 2026, with the company announcing the milestone alongside the launch of its Flux TTS model.</li><li>Deepgram was valued at $1.3B following its $130M Series C round led by AVP in January 2026.</li><li>Deepgram has tailwinds from the rapid adoption of voice AI technology and has the opportunity to grow and expand into adjacent markets like healthcare transcription, education accessibility, and enterprise AI integration.</li></ul>

Sacra estimates that Deepgram hit $100M in annual recurring revenue (ARR) in August 2026, with the company announcing the milestone alongside the launch of its Flux TTS model.Deepgram was valued at $1.3B following its $130M Series C round led by AVP in January 2026.Deepgram has tailwinds from the rapid adoption of voice AI technology and has the opportunity to grow and expand into adjacent markets like healthcare transcription, education accessibility, and enterprise AI integration.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul style="list-style-type: disc;">
<li>Artificial intelligence (AI) is a diverse field affecting many industries.</li>
<li>With an estimated market size of $137 billion in 2022, it is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.</li>
<li>While deep learning large language models (LLMs) like ChatGPT have recently caught the imagination of many, we also want to highlight machine learning (ML), computer perception, and natural language processing (NLP).</li>
</ul>


Artificial intelligence (AI) is a diverse field affecting many industries.
With an estimated market size of $137 billion in 2022, it is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.
While deep learning large language models (LLMs) like ChatGPT have recently caught the imagination of many, we also want to highlight machine learning (ML), computer perception, and natural language processing (NLP).


United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

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OpenAI (2193707D US)

Primer: Mem0 - 24 Aug 2026

Memory infrastructure API for AI agents to recall and learn from user interactions

Sacra

Primer: Perplexity - 24 Aug 2026

AI-powered search tool for answering complex, multi-sentence queries with cited summaries

Sacra

Primer: ElevenLabs - 20 Aug 2026

Tool for generating and editing human-like synthetic voices from text or samples

Sacra

Primer: Deepgram - 20 Aug 2026

APIs for speech-to-text, text-to-speech, and real-time voice understanding

Sacra

Tech Talk: Artificial Intelligence

With an estimated market size of $137 billion in 2022, it is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.

Water Tower Research

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