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

Mach Industries / Private Capital Markets

<ul><li>Mach Industries raised a $300 million round in June 2026, lifting its valuation to $1.8 billion.</li><li>Dart is an end-to-end counter-unmanned aerial system that combines frequency modulated continuous wave (FMCW) ground radar, command-and-control software, rocket-powered interceptors, and a launch box.</li><li>The Pentagon&#39;s Replicator initiative and similar allied programs are budgeting to purchase thousands of low-cost autonomous systems by 2026, creating a pipeline that extends well beyond early Army and Air Force prototype contracts.</li></ul>

Mach Industries raised a $300 million round in June 2026, lifting its valuation to $1.8 billion.Dart is an end-to-end counter-unmanned aerial system that combines frequency modulated continuous wave (FMCW) ground radar, command-and-control software, rocket-powered interceptors, and a launch box.The Pentagon&#39;s Replicator initiative and similar allied programs are budgeting to purchase thousands of low-cost autonomous systems by 2026, creating a pipeline that extends well beyond early Army and Air Force prototype contracts.

<ul><li>The company employs a B2G (Business-to-Government) go-to-market strategy focused on direct contracting with defense departments, military branches, and government-aligned international coalitions.</li><li>The Archer uses a proprietary multi-band radio system that maintains control even when facing active electronic jamming—a critical battlefield advantage.</li><li>With Archer now on the BlueUAS list, Neros has unlocked access to procurement across multiple branches of the U.S. military.</li></ul>

The company employs a B2G (Business-to-Government) go-to-market strategy focused on direct contracting with defense departments, military branches, and government-aligned international coalitions.The Archer uses a proprietary multi-band radio system that maintains control even when facing active electronic jamming—a critical battlefield advantage.With Archer now on the BlueUAS list, Neros has unlocked access to procurement across multiple branches of the U.S. military.

<ul><li>Sacra estimates that Threod Systems generated $44 million in revenue in 2024, up 87% from the previous year.</li><li>Operating cash flow turned negative at -€1.28M in 2024 versus +€7.76M in 2023, reflecting working capital investments as the company scaled from 121 to 161 employees and expanded manufacturing capacity.</li><li>The company&#39;s revenue target of reaching $110 million within the next few years suggests management expects this defense spending boom to continue.</li></ul>

Sacra estimates that Threod Systems generated $44 million in revenue in 2024, up 87% from the previous year.Operating cash flow turned negative at -€1.28M in 2024 versus +€7.76M in 2023, reflecting working capital investments as the company scaled from 121 to 161 employees and expanded manufacturing capacity.The company&#39;s revenue target of reaching $110 million within the next few years suggests management expects this defense spending boom to continue.

<ul><li>Sacra estimates that KrattWorks generated $22.2M in revenue in 2025, up 2,953% year-over-year from $728K in 2024.</li><li>The company&#39;s revenue trajectory shows a steep acceleration.</li><li>KrattWorks builds tactical drones that operate when GPS signals are jammed and radio links are severed.</li></ul>

Sacra estimates that KrattWorks generated $22.2M in revenue in 2025, up 2,953% year-over-year from $728K in 2024.The company&#39;s revenue trajectory shows a steep acceleration.KrattWorks builds tactical drones that operate when GPS signals are jammed and radio links are severed.

<ul><li>As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides), former Eastern Bloc countries have coalesced to counter Russian aggression.</li><li>Mass-scale drone warfare has given rise to counter-drone electronic warfare where GPS denial bubbles hundreds of kilometers wide cause commercial drones to drift uncontrollably and crash.</li><li>Sacra estimates that KrattWorks generated $22m in revenue in 2025, up 2,953% year-over-year from $730K in 2024, selling drones both domestically to Estonia and to Ukraine.</li></ul>

As drones dominate the Russo-Ukrainian War (responsible for 70% of casualties on both sides), former Eastern Bloc countries have coalesced to counter Russian aggression.Mass-scale drone warfare has given rise to counter-drone electronic warfare where GPS denial bubbles hundreds of kilometers wide cause commercial drones to drift uncontrollably and crash.Sacra estimates that KrattWorks generated $22m in revenue in 2025, up 2,953% year-over-year from $730K in 2024, selling drones both domestically to Estonia and to Ukraine.

United States

AI software for autonomous navigation of military drones and aircraft in denied environments

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Shield AI (AI US)

Primer: Mach Industries - 02 Jun 2026

Developer of hydrogen-powered defense platforms including unmanned aerial vehicles and munitions

Sacra

Primer: Neros - 29 May 2026

The company employs a B2G (Business-to-Government) go-to-market strategy focused on direct contracting with defense departments, military...

Sacra

Primer: Threod Systems - 10 Mar 2026

Developer and producer of unmanned aircraft systems (UAS) for intelligence, surveillance, target acquisition, and reconnaissance operations

Sacra

Primer: KrattWorks - 10 Mar 2026

Developer of jamming-resistant tactical ISR drones with thermal and visual cameras for rapid situational awareness in critical scenarios

Sacra

$22M/year DJI Of Estonia

TL;DR: With drones responsible for 70% of casualties in the Russo-Ukrainian war, Estonia's KrattWorks shifted focus from firefighting drones to...

Sacra

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