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>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>/dev/agents was valued at $500 million post-money in its November 2024 seed funding round.</li><li>/dev/agents is establishing a platform business with a B2B2C go-to-market strategy.</li><li>The company will primarily monetize through two mechanisms, as noted by CEO David Singleton: transaction fees and subscriptions.</li></ul>

/dev/agents was valued at $500 million post-money in its November 2024 seed funding round./dev/agents is establishing a platform business with a B2B2C go-to-market strategy.The company will primarily monetize through two mechanisms, as noted by CEO David Singleton: transaction fees and subscriptions.

<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>Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.</li><li>In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.</li><li>Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.</li></ul>

Sacra estimates that Perplexity hit $100M ARR in March 2025, re-accelerating to 17% CMGR3, up from 12% in Q4 2024.In March 2025, Perplexity partnered with Deutsche Telekom to pre-install Perplexity Assistant on its new AI Phone.Perplexity rolled out a new visual search experience for shopping across hotels and travel in March 2025.

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

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Perplexity (PERPLEXITY US)

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

Primer: /dev/agents - 04 May 2025

Cloud-based operating system for trusted AI agents to work with users across all of their devices

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

Perplexity At $100M ARR

TL;DR: As LLM labs threaten Perplexity by bundling in search, Perplexity is counter-attacking by eating up consumer use cases like travel search...

Sacra

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