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 Photoroom is at $94M of annual recurring revenue (ARR) as of 2024, up 89% year-over-year.</li><li>PhotoRoom raised $43M at a $500M valuation in March 2024, led by Balderton Capital with participation from Aglaé and Y Combinator.</li><li>The company has demonstrated impressive capital efficiency, scaling to $20M in ARR on just $2M of invested capital, and achieving profitability.</li></ul>

Sacra estimates that Photoroom is at $94M of annual recurring revenue (ARR) as of 2024, up 89% year-over-year.PhotoRoom raised $43M at a $500M valuation in March 2024, led by Balderton Capital with participation from Aglaé and Y Combinator.The company has demonstrated impressive capital efficiency, scaling to $20M in ARR on just $2M of invested capital, and achieving profitability.

<ul><li>Sacra estimates Jenni AI hit $7.0M in annual recurring revenue (ARR) as of July 2025, declining from $7.6M at the end of 2024.</li><li>Jenni AI found product-market fit as an AI research writing assistant specifically tailored for academic researchers and students.</li><li>Jenni AI has tailwinds from the growing adoption of AI in academia and enterprise content creation, with opportunities to expand beyond its current focus on academic writing into broader enterprise knowledge work and workflow automation.</li></ul>

Sacra estimates Jenni AI hit $7.0M in annual recurring revenue (ARR) as of July 2025, declining from $7.6M at the end of 2024.Jenni AI found product-market fit as an AI research writing assistant specifically tailored for academic researchers and students.Jenni AI has tailwinds from the growing adoption of AI in academia and enterprise content creation, with opportunities to expand beyond its current focus on academic writing into broader enterprise knowledge work and workflow automation.

<ul><li>Finding product-market fit with artists, hobbyists and small businesses to generate custom creative assets for books, posters and games, Sacra estimates that OpenArt hit $12M ARR in February 2025, up 1,100% YoY and getting from $1M to $10M ARR in 12 months with 8 employees.</li><li>As the AI image generation market became highly competitive with tools like Ideogram, Craiyon, and Playground AI all launching in 2022, OpenArt has begun expanding into video as its second visual storytelling medium, connecting open-source models for image generation and video synthesis.</li><li>Text-to-image AI models took off in 2022-3, creating the opportunity for OpenArt (2023) to launch as an image creation &amp; editing platform that lets users generate images in a variety of artistic styles via 100+ fine-tuned models and edit images with pre-baked, no-prompting workflows for sketch-to-image conversion, upscaling, face replacement, and more.</li></ul>

Finding product-market fit with artists, hobbyists and small businesses to generate custom creative assets for books, posters and games, Sacra estimates that OpenArt hit $12M ARR in February 2025, up 1,100% YoY and getting from $1M to $10M ARR in 12 months with 8 employees.As the AI image generation market became highly competitive with tools like Ideogram, Craiyon, and Playground AI all launching in 2022, OpenArt has begun expanding into video as its second visual storytelling medium, connecting open-source models for image generation and video synthesis.Text-to-image AI models took off in 2022-3, creating the opportunity for OpenArt (2023) to launch as an image creation &amp; editing platform that lets users generate images in a variety of artistic styles via 100+ fine-tuned models and edit images with pre-baked, no-prompting workflows for sketch-to-image conversion, upscaling, face replacement, and more.

<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.

<ul><li>Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.</li><li>Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.</li><li>Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.</li></ul>

Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on top of CoreWeave and Lambda Labs’s GPU cloud products.Companies use cloud GPU hosts Together AI, CoreWeave, and Lambda Labs to use Nvidia (NASDAQ: NVDA) graphics processing units (GPUs) to train AI models on their datasets, fine-tune them, and deploy them into production.Sacra estimates that Together AI hit $44M in annualized revenue in April 2024, up 2095% year-over-year, with 90% of revenue coming from sales of bundled on-demand GPU compute and training via Together Inference and ~45% gross margin.

Together AI: The $44M/year Vercel Of Generative AI

France

Mobile image editor for ecommerce sellers to remove backgrounds and generate product photos

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Photoroom (PHOTOROOM FR)

Primer: Photoroom - 14 Dec 2025

Mobile image editor for ecommerce sellers to remove backgrounds and generate product photos

Sacra

Primer: Jenni AI - 28 Oct 2025

Writing tool for students generating essays with AI suggestions and auto-citations

Sacra

OpenArt At $12M ARR Growing 1,100% YoY

TL;DR: As text-to-image AI models took off in 2022-3, OpenArt found product-market fit and grew to a Sacra-estimated $12M ARR (up 1,100% YoY)...

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

Together AI: The $44M/year Vercel Of Generative AI

TL;DR: Sacra estimates that Together AI hit $44M in annual recurring revenue (ARR) in April with their developer experience-centric layer built on...

Sacra

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