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>Sacra estimates that OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.</li><li>OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.</li><li>OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.</li></ul>

Sacra estimates that OpenEvidence hit $300M in annualized revenue in July 2026, up from $150M at the end of 2025.OpenEvidence grew from $7.9M in annualized revenue at the end of 2024 to $150M at the end of 2025, up approximately 1,800% year-over-year, with reported 90% gross margins.OpenEvidence’s latest $250M raise in September 2026 valued the company at $15B, implying approximately 50x its $300M annualized revenue.

<ul><li>OpenEvidence has expanded from clinical search into the $3B+ AI scribe market dominated by Abridge and Ambience and is directly taking on Doximity's core business.</li><li>OpenEvidence is a free AI-powered clinical search engine, like a ChatGPT with exclusive access to top medical journals like JAMA, that is now used by 40% of all U.S. physicians.</li><li>OpenEvidence continues to double down on owning and dominating clinician attention, giving away core, daily usage physician features for free.</li></ul>

OpenEvidence has expanded from clinical search into the $3B+ AI scribe market dominated by Abridge and Ambience and is directly taking on Doximity's core business.OpenEvidence is a free AI-powered clinical search engine, like a ChatGPT with exclusive access to top medical journals like JAMA, that is now used by 40% of all U.S. physicians.OpenEvidence continues to double down on owning and dominating clinician attention, giving away core, daily usage physician features for free.

<ul><li>Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.</li><li>After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.</li><li>As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.</li></ul>

Sacra estimates Manus hit $90M in annualized revenue by August 2025, just five months post-launch, with Japan, the Middle East, and the U.S. as its biggest markets.After growing their waitlist to 2 million people a week after their demo video went viral with 1M+ views, Sacra estimates that Manus hit $90M in annualized revenue in August 2025, just five months after launch, with Japan, the Middle East, and the U.S. as its biggest geographic segments by revenue.As foundation model labs like Anthropic and OpenAI fold agentic capabilities into unified systems, Manus risks seeing commoditized its core experience of long-running agents that can read + write + execute code across different systems.

<ul><li>Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.</li><li>Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.</li><li>The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.</li></ul>

Sacra estimates Perplexity reached $148M in annualized revenue in June 2025, up from $63M at the end of 2024.Now that web search with citations feature natively across ChatGPT, Claude, Gemini and Copilot, Perplexity's original wedge has been commoditized.The battleground has now shifted to the browser, with Perplexity launching its agentic browser Comet in beta in July 2025.

<ul><li>Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024</li><li>OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping </li><li>By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the </li></ul>

Sacra estimates OpenEvidence grew to $50M annualized revenue in June 2025, growing 30% MoM from $7.9M in December 2024OpenEvidence&#39;s rapid word-of-mouth growth among doctors led to back-to-back exclusive content partnerships with top medical journals in The New England Journal of Medicine (Feb ‘25) and JAMA (Jun ‘25), further driving its credibility &amp; data moat and helping By making their product (1) free, and (2) touching no patient records, OpenEvidence bypassed the ~18-month sales cycles in healthcare en route to capturing 40% of U.S. physicians—creating the 

OpenEvidence At $50M/year Growing 30% MoM

United States

AI copilot for doctors to assist in making critical decisions at the point of care

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

OpenEvidence (OPENEVIDENCE US)

Primer: OpenEvidence - 21 Sep 2026

AI copilot for doctors to assist in making critical decisions at the point of care

Sacra

OpenEvidence Vs Doximity

TL;DR: With the launch of AI scribe Visits (August) and HIPAA-secure Dialer (December), OpenEvidence has expanded from clinical search into the...

Sacra

Manus At $90M/year

TL;DR: Founded in 2022, Manus launched in March 2025 as the first consumer-facing agent that combined agentic browser control, deep research, and...

Sacra

Perplexity At $148M/year

TL;DR: Perplexity’s original wedge—LLM search with citations—has now been commoditized by every model lab. Now at a Sacra-estimated $148M in...

Sacra

OpenEvidence At $50M/year Growing 30% MoM

TL;DR: With doctors overwhelmed by the medical literature—which doubles in size every 5 years—OpenEvidence built a free AI-powered search engine...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)