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 Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.</li><li>Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).</li><li>Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.</li></ul>

Sacra estimates that Perplexity hit $63M in ARR at the end of 2024, up 800% from $7M in 2023.Perplexity risks seeing commoditized its core experience of AI-summarized search results for complex queries (10-11 words long).Perplexity’s own December 2024 projections of hitting $656M ARR by the end of 2026.

<ul><li>Perplexity plans to raise at an $8-9B valuation, up from $3B at the time of its August Series C.</li><li>Perplexity's upside case lies in being a product company with more degrees of freedom than either Google or OpenAI.</li><li>Perplexity focuses on the most complex queries (10-11 words), monetizing them at a higher ARPC through prosumer subscriptions ($20/month), enterprise seats ($40/seat/month), and premium-priced ads ($50 CPM to Facebook's ~$14).</li></ul>

Perplexity plans to raise at an $8-9B valuation, up from $3B at the time of its August Series C.Perplexity's upside case lies in being a product company with more degrees of freedom than either Google or OpenAI.Perplexity focuses on the most complex queries (10-11 words), monetizing them at a higher ARPC through prosumer subscriptions ($20/month), enterprise seats ($40/seat/month), and premium-priced ads ($50 CPM to Facebook's ~$14).

<ul><li>Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.</li><li>OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.</li><li>OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.</li></ul>

Claude 3.5 Sonnet has blown the doors open for Anthropic's API business, growing 5x this year to date to $664M ARR.OpenAI's ChatGPT continues to dominate, growing a Sacra-estimated 2.5x this year to date to $2.9B ARR.OpenAI's 4x YoY growth to $4B matches and exceeds Meta, Google & AWS’s.

<ul><li>The once-open web that Google first indexed in the late 90s is fragmenting into a patchwork of walled gardens, with AI companies forging data partnerships to guarantee their ability to scrape the most valuable media and news content, from Conde Nast (OpenAI) to TIME (Perplexity) to Axel Springer (Microsoft) to Reddit (Google).</li><li>With every company launching AI apps based on proprietary data, AI-native search API companies like Exa (Lightspeed, $22M raised), Tavily (14K GitHub stars), Jina AI (Canaan Partners, $39M raised) and Perplexity have become a key component of the retrieval-augmented generation (RAG) stack alongside vector databases like Pinecone (A16Z, $138M raised), enabling companies to supplement their data with data from the public web.</li><li>Our customers often bring their own LLM and prompt. We definitely think about those things too, but the vast amount of the value of our whole search system comes from the retrieval, not from the LLM.</li></ul>

The once-open web that Google first indexed in the late 90s is fragmenting into a patchwork of walled gardens, with AI companies forging data partnerships to guarantee their ability to scrape the most valuable media and news content, from Conde Nast (OpenAI) to TIME (Perplexity) to Axel Springer (Microsoft) to Reddit (Google).With every company launching AI apps based on proprietary data, AI-native search API companies like Exa (Lightspeed, $22M raised), Tavily (14K GitHub stars), Jina AI (Canaan Partners, $39M raised) and Perplexity have become a key component of the retrieval-augmented generation (RAG) stack alongside vector databases like Pinecone (A16Z, $138M raised), enabling companies to supplement their data with data from the public web.Our customers often bring their own LLM and prompt. We definitely think about those things too, but the vast amount of the value of our whole search system comes from the retrieval, not from the LLM.

Will Bryk, CEO Of Exa, On Building Search For AI Agents

<ul><li>Sacra estimates that HeyGen hit $22M in annualized recurring revenue (ARR) in May, up 1024% year-over-year.</li><li>Synthesia and HeyGen’s early pivots into enterprise have allowed them to largely avoid the AI prosumer trap that slowed the growth of Jasper and Copy.ai, with 70% of Synthesia’s revenue coming from enterprise deals.</li><li>While HeyGen and Synthesia build end-user SaaS, Tavus is building APIs and developer tooling around their own custom models to make AI talking heads a native feature of every SaaS product.</li></ul>

Sacra estimates that HeyGen hit $22M in annualized recurring revenue (ARR) in May, up 1024% year-over-year.Synthesia and HeyGen’s early pivots into enterprise have allowed them to largely avoid the AI prosumer trap that slowed the growth of Jasper and Copy.ai, with 70% of Synthesia’s revenue coming from enterprise deals.While HeyGen and Synthesia build end-user SaaS, Tavus is building APIs and developer tooling around their own custom models to make AI talking heads a native feature of every SaaS product.

United States

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

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Perplexity (PERPLEXITY US)

How Perplexity Hits $656M ARR

TL;DR: As competition intensifies between Perplexity, foundation model companies, and Google, Perplexity is betting on deepening prosumer habitual...

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Perplexity At $51M ARR

TL;DR: Sacra estimates that Perplexity is at $51M ARR, up 1,600% year-over-year. Not a search company or an LLM company, Perplexity's upside case...

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Anthropic Vs. OpenAI

TL;DR: Claude 3.5 Sonnet has Anthropic's API business surging, hitting a Sacra-estimated $664M ARR this year (up 5x this year to date) and...

Sacra

Will Bryk, CEO Of Exa, On Building Search For AI Agents

Tell us about Exa—what was the key insight that led you to start the company and set out to redesign search for AI agents...

Sacra

AI Talking Heads Growing 1024%

TL;DR: Sacra estimates that HeyGen hit $22M in annualized recurring revenue (ARR) in May, up 1024% year-over-year, as AI-generated talking head...

Sacra

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