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>Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).</li><li>Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.</li><li>CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.</li></ul>

Cohere shifted focus to training & deploying LLMs in private cloud or on-prem for customers in regulated industries (financial services, healthcare, government, defense).Cohere hit $150M in annual recurring revenue (ARR) in October 2025, up from $100M in May 2025 and $22M in March 2024, valued at $7B as of September 2025 for a 46.7x revenue multiple.CEO Aidan Gomez says the company expects to go public "soon", with Cohere "on a clear path to profitability" & expecting to turn a profit before 2029.

<ul><li>In October 2025, Sesame announced a $250M Series B led by Sequoia and Spark and opened an early beta of its iOS app.</li><li>Sesame AI is a conversational AI company that has built emotionally intelligent voice assistants called Maya and Miles that can interrupt, laugh, change tone mid-sentence, and respond to emotional cues in real-time conversations.</li><li>Sesame AI operates a B2C model for its consumer AI companions while building B2B revenue streams through enterprise licensing and developer APIs.</li></ul>

In October 2025, Sesame announced a $250M Series B led by Sequoia and Spark and opened an early beta of its iOS app.Sesame AI is a conversational AI company that has built emotionally intelligent voice assistants called Maya and Miles that can interrupt, laugh, change tone mid-sentence, and respond to emotional cues in real-time conversations.Sesame AI operates a B2C model for its consumer AI companions while building B2B revenue streams through enterprise licensing and developer APIs.

<ul><li>In October 2025, LangChain raised a $125M Series B led by IVP at a $1.25B valuation, with participation from Sequoia, Benchmark, CapitalG, Sapphire Ventures, ServiceNow Ventures, Workday Ventures, Cisco Investments, Datadog, Databricks, and Frontline.</li><li>LangChain is a development platform for building applications powered by large language models.</li><li>LangChain is expanding from developer tooling into AI operations and monitoring, competing with established players such as Datadog and New Relic.</li></ul>

In October 2025, LangChain raised a $125M Series B led by IVP at a $1.25B valuation, with participation from Sequoia, Benchmark, CapitalG, Sapphire Ventures, ServiceNow Ventures, Workday Ventures, Cisco Investments, Datadog, Databricks, and Frontline.LangChain is a development platform for building applications powered by large language models.LangChain is expanding from developer tooling into AI operations and monitoring, competing with established players such as Datadog and New Relic.

<ul><li>Reducto closed a $75M Series B round in October 2025 led by Andreessen Horowitz.</li><li>Reducto operates as a B2B API service with a consumption-based SaaS model.</li><li>Reducto's hybrid approach combining traditional computer vision with modern vision-language models positions it between commodity OCR services and expensive custom solutions.</li></ul>

Reducto closed a $75M Series B round in October 2025 led by Andreessen Horowitz.Reducto operates as a B2B API service with a consumption-based SaaS model.Reducto's hybrid approach combining traditional computer vision with modern vision-language models positions it between commodity OCR services and expensive custom solutions.

<ul><li>Asteroid raised a $500K pre-seed round in April 2025 led by Y Combinator.</li><li>Asteroid is a platform that lets operations teams build AI browser agents to automate repetitive web-based tasks like form filling, data entry, and scheduling.</li><li>Asteroid operates as a B2B SaaS platform selling browser automation through a consumption-based subscription model.</li></ul>

Asteroid raised a $500K pre-seed round in April 2025 led by Y Combinator.Asteroid is a platform that lets operations teams build AI browser agents to automate repetitive web-based tasks like form filling, data entry, and scheduling.Asteroid operates as a B2B SaaS platform selling browser automation through a consumption-based subscription model.

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)

Cohere At $150M ARR

TL;DR: Starting as a LLM competitor to OpenAI & Anthropic, Cohere has shifted gears to compete with enterprise AI companies like Glean and Writer....

Sacra

Primer: Sesame AI - 22 Oct 2025

AI voice assistants that create natural and emotionally resonant conversations

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Primer: LangChain - 21 Oct 2025

LangChain is a framework for building LLM-powered applications.

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Primer: Reducto - 15 Oct 2025

API for extracting structured data from unstructured documents like PDFs and spreadsheets

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Primer: Asteroid - 12 Oct 2025

Platform for enterprises to build and deploy AI browser agents for automating back-office tasks

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