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

Strand Therapeutics / Private Capital Markets

<ul><li>Strand Therapeutics raised $153 million in a Series B round led by Kinnevik in August 2025, bringing the company's valuation to approximately $550 million.</li><li>The lead product, STX-001, is administered via direct injection into tumors and encodes mRNA instructions for producing interleukin-12 (IL-12), an immune-stimulating protein.</li><li>Phase 1 data from 22 checkpoint-refractory cancer patients reported one complete response and multiple partial responses, with no dose-limiting toxicities observed.</li></ul>

Strand Therapeutics raised $153 million in a Series B round led by Kinnevik in August 2025, bringing the company's valuation to approximately $550 million.The lead product, STX-001, is administered via direct injection into tumors and encodes mRNA instructions for producing interleukin-12 (IL-12), an immune-stimulating protein.Phase 1 data from 22 checkpoint-refractory cancer patients reported one complete response and multiple partial responses, with no dose-limiting toxicities observed.

Primer: Strand Therapeutics - 07 Dec 2025

<ul><li>Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.</li><li>First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.</li><li>Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.</li></ul>

Browser automation enables AI agents to programmatically and robustly interact with legacy systems by using websites like a human to use apps and enter data, with MCP enabling AI voice agents &amp; chatbots to chain browser automation together into end-to-end workflows that can replace humans.First as developer infrastructure for browser use from companies like Browserbase ($67.5M raised, CRV &amp; Kleiner Perkins), browser automation has expanded to non-technical operations teams via products like Asteroid (YC W25), with the opportunity to eat $2B+ of yearly spend on incumbent automation companies like UiPath (NYSE: PATH, $9B market cap) in enterprise.Asteroid is a platform where teams can build and run AI browser agents. These AI browser agents can automate complex browser workflows people still do by hand in web portals such as form filling, data entry, and scheduling.

David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

<ul><li>Foundation model companies OpenAI & Anthropic commoditized the first wave of vertical AI companies that reasoned over public data—like web PDFs, patents and earnings calls—with agentic products that browse the web, do deep research and build datasets, spurring the next wave of vertical AI companies that focus on integrating frontier models with vertical-specific workflows, embedded with proprietary telemetry that captures document diffs, user corrections & tool calls.</li><li>In highly-regulated, risk-averse industries, less than 1% of manual workflows have been replaced with AI as companies fear IP exposure through third-party models, unauditable changes to high-stakes documents, and AI-generated content they can't verify or trace back to source material, creating the opportunity for companies like Raycaster for biotech (Seed, Y Combinator) alongside bigger players like Harvey for law ($21M Series A, Sequoia) and Hebbia for finance ($30M Series A, Index Ventures).</li><li>Today&#39;s emerging vertical AI playbook: 1) embed engineers a la Palantir&#39;s forward-deployed model to build AI workflows and automate away manual processes, 2) hire domain experts as internal evaluators through a Mercor-like contractor network to tune &amp; improve outputs, and 3) capture customers’ usage data to continually improve the system.</li></ul>

Foundation model companies OpenAI & Anthropic commoditized the first wave of vertical AI companies that reasoned over public data—like web PDFs, patents and earnings calls—with agentic products that browse the web, do deep research and build datasets, spurring the next wave of vertical AI companies that focus on integrating frontier models with vertical-specific workflows, embedded with proprietary telemetry that captures document diffs, user corrections & tool calls.In highly-regulated, risk-averse industries, less than 1% of manual workflows have been replaced with AI as companies fear IP exposure through third-party models, unauditable changes to high-stakes documents, and AI-generated content they can't verify or trace back to source material, creating the opportunity for companies like Raycaster for biotech (Seed, Y Combinator) alongside bigger players like Harvey for law ($21M Series A, Sequoia) and Hebbia for finance ($30M Series A, Index Ventures).Today&#39;s emerging vertical AI playbook: 1) embed engineers a la Palantir&#39;s forward-deployed model to build AI workflows and automate away manual processes, 2) hire domain experts as internal evaluators through a Mercor-like contractor network to tune &amp; improve outputs, and 3) capture customers’ usage data to continually improve the system.

Levi Lian, CEO Of Raycaster, On Why Vertical AI Is Workflows First & Chat Last

<ul><li>Raycaster completed a pre-seed funding round on December 4, 2024, though the amount raised was not publicly disclosed.</li><li>Raycaster operates a B2B SaaS model targeting life sciences service providers and biotech companies.</li><li>Raycaster's success with ambient agent swarms that track patents, publications, trials, and competitive moves creates opportunities for always-on market and medical intelligence subscriptions.</li></ul>

Raycaster completed a pre-seed funding round on December 4, 2024, though the amount raised was not publicly disclosed.Raycaster operates a B2B SaaS model targeting life sciences service providers and biotech companies.Raycaster's success with ambient agent swarms that track patents, publications, trials, and competitive moves creates opportunities for always-on market and medical intelligence subscriptions.

<ul><li>Loyal has raised over $150 million in total funding, including a $22 million Series B-2 round in February 2025 led by Valor Equity Partners.</li><li>Loyal operates as a vertically integrated pharmaceutical company that develops prescription drugs distributed through veterinary channels.</li><li>Regulatory barriers play a critical role in this segment.</li></ul>

Loyal has raised over $150 million in total funding, including a $22 million Series B-2 round in February 2025 led by Valor Equity Partners.Loyal operates as a vertically integrated pharmaceutical company that develops prescription drugs distributed through veterinary channels.Regulatory barriers play a critical role in this segment.

United States

Enterprise AI all-in-one for life sciences providers to speed regulatory and legal research

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Raycaster (RAYCASTER US)

Primer: Strand Therapeutics - 07 Dec 2025

mRNA therapy developer using genetic circuits for targeted cancer and immune system activation

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David Mlcoch, co-founder & CEO Of Asteroid, On Browser Automation And The Last Mile Problem Of AI

Can you tell us what Asteroid is and what inspired you to start the company...

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Levi Lian, CEO Of Raycaster, On Why Vertical AI Is Workflows First & Chat Last

What is Raycaster in short and what inspired you to start the company...

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Primer: Raycaster - 02 Oct 2025

Enterprise AI all-in-one for life sciences providers to speed regulatory and legal research

Sacra

Primer: Loyal - 25 Aug 2025

Biotech company developing drugs to extend the lifespan and healthspan of dogs

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