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>Vibe coding is accelerating the output of both code and bugs, creating the need to get test coverage across new features faster and driving the rise of developer-native “vibe testing” tools like Momentic, Antithesis ($77M raised, Amplify Partners), QA Wolf ($56M raised, Inspired Capital) and Qodo ($50M raised, Susa Ventures) that translate natural language into code and bundle in test generation, auto-repair when the UI changes, and observability.</li><li>As writing end-to-end tests becomes faster and easier, it’s moving out of QA teams and into the entire engineering organization, turning testing from post-hoc validation to always-on developer infrastructure and creating the opportunity to merge together once-separate categories like CI test checks (GitLab), browser automation (BrowserStack), observability (Datadog) and QA outsourcing (Applause) into one unified platform for validating that software actually works.</li><li>One of our customers saw a 5x speed improvement in time to automate moving from Playwright to Momentic. We were able to see some very drastic reliability improvements moving from Cypress to Momentic as well.</li></ul>

Vibe coding is accelerating the output of both code and bugs, creating the need to get test coverage across new features faster and driving the rise of developer-native “vibe testing” tools like Momentic, Antithesis ($77M raised, Amplify Partners), QA Wolf ($56M raised, Inspired Capital) and Qodo ($50M raised, Susa Ventures) that translate natural language into code and bundle in test generation, auto-repair when the UI changes, and observability.As writing end-to-end tests becomes faster and easier, it’s moving out of QA teams and into the entire engineering organization, turning testing from post-hoc validation to always-on developer infrastructure and creating the opportunity to merge together once-separate categories like CI test checks (GitLab), browser automation (BrowserStack), observability (Datadog) and QA outsourcing (Applause) into one unified platform for validating that software actually works.One of our customers saw a 5x speed improvement in time to automate moving from Playwright to Momentic. We were able to see some very drastic reliability improvements moving from Cypress to Momentic as well.

Wei-Wei Wu, CEO Of Momentic, On AI-native end-to-end Testing

<ul><li>LLMs have finally made large-scale product recommendation viable by transforming Reddit threads, YouTube transcripts, and Wirecutter and RTINGS reviews—the last bastions of authentic product knowledge on a gamed web—into structured, trustworthy input for AI shopping assistants.</li><li>As agents take over more of the shopping workflow from research to comparison to purchase, the adtech and SaaS ecosystem behind modern e-commerce—ad networks, affiliate networks, retargeting engines, on-site optimization—stands to get bypassed by upstream recommendation engines where purchases are researched (Vetted) and downstream payment rails where transactions are executed (Stripe, PayPal).</li><li>When you ask a question to Vetted, we actually make over a hundred LLM calls. It's not just one model spitting out an answer. Each one of those steps imbue how we think people should research products and consider what's relevant.</li></ul>

LLMs have finally made large-scale product recommendation viable by transforming Reddit threads, YouTube transcripts, and Wirecutter and RTINGS reviews—the last bastions of authentic product knowledge on a gamed web—into structured, trustworthy input for AI shopping assistants.As agents take over more of the shopping workflow from research to comparison to purchase, the adtech and SaaS ecosystem behind modern e-commerce—ad networks, affiliate networks, retargeting engines, on-site optimization—stands to get bypassed by upstream recommendation engines where purchases are researched (Vetted) and downstream payment rails where transactions are executed (Stripe, PayPal).When you ask a question to Vetted, we actually make over a hundred LLM calls. It's not just one model spitting out an answer. Each one of those steps imbue how we think people should research products and consider what's relevant.

Stuart Kearney, co-founder Of Vetted, On AI Agents In Shopping

<ul><li>Three form factors for AI agents are emerging—browser-based &amp; mobile apps (ChatGPT, Claude, Perplexity) with easy distribution and app-level integrations, native apps with OS-level integrations & OS forks (Perplexity Assistant, Granola, Wafer) that unlock deeper awareness across a user’s apps and data but face distribution challenges, and purpose-built AI hardware devices (Friend, Rabbit) with novel interaction patterns.</li><li>OpenAI’s hardware projects and Perplexity’s new Android assistant are attacking the OS-level AI assistant layer where Google and Apple’s app store–based business models—built on developers giving up a 30% cut in exchange for distribution—make it structurally difficult for Google and Apple themselves to route users around apps entirely.</li><li>Android’s open ecosystem structure represents a huge opportunity for AI-first computing, with custom assistants (Perplexity), launchers (Microsoft Launcher), and full-on forks (Wafer, /dev/agents) potentially providing Samsung and the 96% of non-Google Android OEMs with the firepower to build the first AI-native smartphone experience.</li></ul>

Three form factors for AI agents are emerging—browser-based &amp; mobile apps (ChatGPT, Claude, Perplexity) with easy distribution and app-level integrations, native apps with OS-level integrations & OS forks (Perplexity Assistant, Granola, Wafer) that unlock deeper awareness across a user’s apps and data but face distribution challenges, and purpose-built AI hardware devices (Friend, Rabbit) with novel interaction patterns.OpenAI’s hardware projects and Perplexity’s new Android assistant are attacking the OS-level AI assistant layer where Google and Apple’s app store–based business models—built on developers giving up a 30% cut in exchange for distribution—make it structurally difficult for Google and Apple themselves to route users around apps entirely.Android’s open ecosystem structure represents a huge opportunity for AI-first computing, with custom assistants (Perplexity), launchers (Microsoft Launcher), and full-on forks (Wafer, /dev/agents) potentially providing Samsung and the 96% of non-Google Android OEMs with the firepower to build the first AI-native smartphone experience.

Sam Hall, CEO Of Wafer, On AI Agent Form Factors

<ul><li>Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.</li><li>Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.</li><li>Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.</li></ul>

Windsurf, launched out of the AI research company Codeium, is a VS Code–based development environment with agentic editing tools and chat-driven workflows that let developers write, refactor, and deploy code using natural language.Windsurf is the #2 AI-native IDE at $40M ARR as of February 2025, roughly 5x smaller than Cursor, which hit $200M ARR in March 2025 after doubling from $100M at the end of 2024—OpenAI’s $3B offer for Windsurf values it at about 75x ARR vs. Cursor’s 50x forward, showing how aggressively it's moving to close the gap.Buying Windsurf jumpstarts OpenAI’s push into coding tools with an existing IDE that supports million-line codebases and streams 100B+ daily code-edit tokens—high-quality RLHF data that reduces its reliance on vendors like Scale and strengthens its position in coding alignment vs. Anthropic.

<ul><li>Vapi was valued at approximately $130 million post-money in its December 2024 Series A round, which raised $20 million led by Bessemer Venture Partners.</li><li>Vapi is a developer platform that enables software builders to create AI-powered voice agents that handle phone calls naturally.</li><li>Vapi operates a usage-based infrastructure-as-a-service model for voice AI, positioning itself as a &quot;Twilio for AI agents.&quot;</li></ul>

Vapi was valued at approximately $130 million post-money in its December 2024 Series A round, which raised $20 million led by Bessemer Venture Partners.Vapi is a developer platform that enables software builders to create AI-powered voice agents that handle phone calls naturally.Vapi operates a usage-based infrastructure-as-a-service model for voice AI, positioning itself as a &quot;Twilio for AI agents.&quot;

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)

Wei-Wei Wu, CEO Of Momentic, On AI-native end-to-end Testing

In short, what is Momentic...

Sacra

Stuart Kearney, co-founder Of Vetted, On AI Agents In Shopping

Tell us about the journey from Slant to Lustre to Vetted, what you learned at each stage and what inspired you to build & focus on Vetted...

Sacra

Sam Hall, CEO Of Wafer, On AI Agent Form Factors

We’ve written about Granola, the desktop app that uses system audio to launch & record meetings and Rewind (now Limitless), the desktop app that...

Sacra

Why OpenAI Wants Windsurf

TL;DR: OpenAI’s reported $3B bid for Windsurf underscores a shift from API monetization to vertically integrated full-stack products as labs race...

Sacra

Primer: Vapi - 22 Apr 2025

Platform to rapidly build, test, and deploy human-like voice AI agents

Sacra

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