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>Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.</li><li>Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.</li><li>After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.</li></ul>

Fal.ai hit a $95M revenue run rate in July 2025, up from $25M at the end of 2024.Fal.ai is evolving past raw inference & model hosting into workflows, bundling together model chaining, LoRA fine-tuning, and asset storage into one billable integration.After signing enterprise deals to power generative image & video experiences in Quora’s Poe, Canva and Perplexity, Sacra estimates that Fal.ai hit a revenue run rate of $95M in July 2025, up from $25M at the end of 2024 and up 4,650% YoY from about $2M in July 2024.

<ul><li>Julius AI raised $10 million in a Seed round led by Bessemer Venture Partners in July 2025.</li><li>The seed capital is earmarked for go-to-market expansion in Europe and Asia, along with enterprise-grade product development.</li><li>Julius operates as a B2B2C SaaS platform with a freemium model that converts users from free accounts to paid subscriptions.</li></ul>

Julius AI raised $10 million in a Seed round led by Bessemer Venture Partners in July 2025.The seed capital is earmarked for go-to-market expansion in Europe and Asia, along with enterprise-grade product development.Julius operates as a B2B2C SaaS platform with a freemium model that converts users from free accounts to paid subscriptions.

<ul><li>Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.</li><li>Invisible works by routing model outputs through trained raters who score completions.</li><li>Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.</li></ul>

Sacra estimates Invisible generated $134M in revenue for 2024, up 123% YoY.Invisible works by routing model outputs through trained raters who score completions.Invisible is now positioning itself to win where human-in-the-loop is mandatory for compliance.

<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

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

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Perplexity (PERPLEXITY US)

Fal.Ai At $95M/year Growing 4,650% YoY

TL;DR: As generative media took off in 2022-2023, Fal.ai pivoted to an inference-as-a-service API for image, video, and audio models that optimized...

Sacra

Primer: Julius - 29 Jul 2025

AI data analyst enabling users to analyze datasets, create visualizations, and perform predictive modeling

Sacra

Invisible Vs Mercor

TL;DR: With the rise of frontier AI labs needing human feedback to fix hallucinations and align model behavior, Invisible shifted gears from...

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

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