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 Luma AI generated $8 million in annualized revenue as of December 2024, following the launch of its Dream Machine consumer app in November.</li><li>As of August 2025, Luma AI is seeking to raise at least $1.1 billion at a valuation of $3.2 billion, which reflects an increase of nearly 13 times its valuation from early 2024.</li><li>The company is engaging Hollywood's creative professionals through Dream Lab LA, which offers filmmakers free research and development space alongside on-site technical experts.</li></ul>

Sacra estimates that Luma AI generated $8 million in annualized revenue as of December 2024, following the launch of its Dream Machine consumer app in November.As of August 2025, Luma AI is seeking to raise at least $1.1 billion at a valuation of $3.2 billion, which reflects an increase of nearly 13 times its valuation from early 2024.The company is engaging Hollywood's creative professionals through Dream Lab LA, which offers filmmakers free research and development space alongside on-site technical experts.

<ul><li>The 2024 launch of Runway’s Gen-3 model, going beyond text-to-video, inpainting, green screen and rotoscoping to directing camera movement, expanding frames, and generating characters that are consistent from scene to scene, drove a surge of demand from independent filmmakers, with Sacra estimating that Runway hit $84M ARR in 2024, up 236% YoY from $25M at the end of 2023.</li><li>Founded in 2018, Runway’s AI-powered automations help filmmakers and VFX teams cut their video editing costs from $350 to ~$10 per shot.</li><li>In September 2024, after years of training their models on YouTube videos, Runway inked a deal with Lionsgate to train a model on their 20,000 titles—giving Runway access to a “Hollywood-grade” video dataset and giving Lionsgate the legal air cover to accelerate its use of AI in preproduction (storyboarding, drafting scenes) and postproduction (creating backgrounds and special effects)—with the upside of potentially licensing the model out to other studios to use in the future.</li></ul>

The 2024 launch of Runway’s Gen-3 model, going beyond text-to-video, inpainting, green screen and rotoscoping to directing camera movement, expanding frames, and generating characters that are consistent from scene to scene, drove a surge of demand from independent filmmakers, with Sacra estimating that Runway hit $84M ARR in 2024, up 236% YoY from $25M at the end of 2023.Founded in 2018, Runway’s AI-powered automations help filmmakers and VFX teams cut their video editing costs from $350 to ~$10 per shot.In September 2024, after years of training their models on YouTube videos, Runway inked a deal with Lionsgate to train a model on their 20,000 titles—giving Runway access to a “Hollywood-grade” video dataset and giving Lionsgate the legal air cover to accelerate its use of AI in preproduction (storyboarding, drafting scenes) and postproduction (creating backgrounds and special effects)—with the upside of potentially licensing the model out to other studios to use in the future.

<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>The explosion of post-Midjourney ($200M in ARR in 2023) generative AI image generators like Ideogram, Playground AI and Craiyon that grew fast in a rapidly expanding market now face diminishing differentiation and margin pressure as the market has been saturated by tools with increasingly similar capabilities.</li><li>Creating a workflow that brings together many tools—fine-tuning of open source models (Stability AI, Flux), character persistence (img2img), voice generation (ElevenLabs), image-to-video (Kling, Hailuo), and others—builds value on top of the foundation models even as they individually improve by allowing users to orchestrate end-to-end creations without extensive prompt engineering.</li><li>Looking ahead to the rest of 2025, our vision tackles both automation and fundamental creative challenges.</li></ul>

The explosion of post-Midjourney ($200M in ARR in 2023) generative AI image generators like Ideogram, Playground AI and Craiyon that grew fast in a rapidly expanding market now face diminishing differentiation and margin pressure as the market has been saturated by tools with increasingly similar capabilities.Creating a workflow that brings together many tools—fine-tuning of open source models (Stability AI, Flux), character persistence (img2img), voice generation (ElevenLabs), image-to-video (Kling, Hailuo), and others—builds value on top of the foundation models even as they individually improve by allowing users to orchestrate end-to-end creations without extensive prompt engineering.Looking ahead to the rest of 2025, our vision tackles both automation and fundamental creative challenges.

Coco Mao, CEO Of OpenArt, On Building The TikTok For AI Video

<ul><li>Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses built on GPT-3.</li><li>Jenni AI niched down into the academic essay-writing use case in 2022, getting to ~$560K ARR by the end of the year after verticalizing their “ChatGPT for college students”.</li><li>Sacra estimates that Jenni AI is at $5.1M annual recurring revenue (ARR) as of April 2024, growing 481% year-over-year.</li></ul>

Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses built on GPT-3.Jenni AI niched down into the academic essay-writing use case in 2022, getting to ~$560K ARR by the end of the year after verticalizing their “ChatGPT for college students”.Sacra estimates that Jenni AI is at $5.1M annual recurring revenue (ARR) as of April 2024, growing 481% year-over-year.

Jenni AI: The $5M/year Chegg Of Generative AI

United States

Web-based video editing software with AI tools for creators, marketers, and filmmakers

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Runway (RUNWAY US)

Primer: Luma AI - 06 Aug 2025

AI platform enabling users to generate realistic videos from text prompts and images

Sacra

Runway Vs. OpenAI

TL;DR: Founded in 2018, Runway’s AI-powered automations help filmmakers and VFX teams cut their video editing costs from $350 to ~$10 per shot....

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

Coco Mao, CEO Of OpenArt, On Building The TikTok For AI Video

Who were your first customers at OpenArt and what do people typically use it for...

Sacra

Jenni AI: The $5M/year Chegg Of Generative AI

TL;DR: Jenni AI has grown their annual recurring revenue (ARR) by 925% since the ChatGPT-pocalypse that decimated horizontal, prosumer businesses...

Sacra

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