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 Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.</li><li>Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.</li><li>Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.</li></ul>

Sacra estimates that Suno hit $45M in ARR at the end of 2024, valued at $500M as of their May Series B for a 25-33x forward revenue multiple.Founded in 2022 to build foundation models for AI-generated audio, Suno’s first product was Bark (19,000 GitHub stars), a text-to-audio model for generating laughs, cries, and other sound effects.Among the first movers in AI audio alongside Stable Audio by Stability AI (September 2023) and Udio (April 2024), Sacra estimates that Suno grew from sub-$1M in annual recurring revenue (ARR) to $45M ARR, valued at $500M as of their May 2024 Series B for a 25-33x forward revenue multiple.

<ul><li>ElevenLabs opened the floodgates with their AI model for generating audio across 1,000+ synthetic, human-sounding voices that could speak in 32 different languages.</li><li>ElevenLabs is moving from foundation model to application layer and building the Adobe Creative Cloud ($13B in yearly revenue) for AI-generated audio, with Sacra estimating ElevenLabs crossed $90M in annual recurring revenue in October 2024, up 350% YoY.</li><li>AI voice agents have strong product-market fit—as a 70% cheaper replacement for humans across support calls, appointment bookings, and restaurant reservations—driving the rise of an AI-native audio stack of tools like Cartesia (Index Ventures) for text-to-speech, Deepgram ($86M raised, Madrona Ventures) for speech-to-text, and Hamming ($750K raised, YC S24) for testing.</li></ul>

ElevenLabs opened the floodgates with their AI model for generating audio across 1,000+ synthetic, human-sounding voices that could speak in 32 different languages.ElevenLabs is moving from foundation model to application layer and building the Adobe Creative Cloud ($13B in yearly revenue) for AI-generated audio, with Sacra estimating ElevenLabs crossed $90M in annual recurring revenue in October 2024, up 350% YoY.AI voice agents have strong product-market fit—as a 70% cheaper replacement for humans across support calls, appointment bookings, and restaurant reservations—driving the rise of an AI-native audio stack of tools like Cartesia (Index Ventures) for text-to-speech, Deepgram ($86M raised, Madrona Ventures) for speech-to-text, and Hamming ($750K raised, YC S24) for testing.

<ul><li>As the cost of AI models continues to plummet, companies like Wistia are integrating AI capabilities across their products, offering features like transcription for free.</li><li>AI-powered avatar videos are seeing the highest adoption in sales and marketing use cases, where personalization at scale is valuable but recording individual videos is impractical.</li><li>Incumbents may be at risk if AI fundamentally changes the customer problems that can be solved, but they can also use their resources and distribution to capitalize on AI if they move quickly enough.</li></ul>

As the cost of AI models continues to plummet, companies like Wistia are integrating AI capabilities across their products, offering features like transcription for free.AI-powered avatar videos are seeing the highest adoption in sales and marketing use cases, where personalization at scale is valuable but recording individual videos is impractical.Incumbents may be at risk if AI fundamentally changes the customer problems that can be solved, but they can also use their resources and distribution to capitalize on AI if they move quickly enough.

<ul><li>Salespeople were early adopters and that market continues to grow.</li><li>We definitely see this being an absolutely massive area.</li><li>Our approach generally is that we&#39;re experts on the model and our developer customers come to us to get the bleeding edge of video models.</li></ul>

Salespeople were early adopters and that market continues to grow.We definitely see this being an absolutely massive area.Our approach generally is that we&#39;re experts on the model and our developer customers come to us to get the bleeding edge of video models.

Hassaan Raza, CEO Of Tavus, On Building The AI Avatar Developer Platform

<ul><li>At least the applications where businesses are using AI avatars today are where it's like training content.</li><li>The upshot is that there's going to be way, way more video in general.</li><li>They'll find the margin they want and keep lowering prices to enable more use cases.</li></ul>

At least the applications where businesses are using AI avatars today are where it's like training content.The upshot is that there's going to be way, way more video in general.They'll find the margin they want and keep lowering prices to enable more use cases.

Chris Savage, CEO Of Wistia, On The Economics Of AI Avatars

United States

API for developers to generate personalized AI avatar videos from text or data

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Tavus (TAVUS US)

AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

Sacra

ElevenLabs At $90M ARR

TL;DR: Sacra estimates that ElevenLabs hit $90M in annual recurring revenue (ARR) in October 2024, up 260% YoY. Now, the Adobe Creative Cloud of AI...

Sacra

AI And The Future Of Video

As quickly as AI changed the way knowledge workers write and do research, it's changed how we make videos...

Sacra

Hassaan Raza, CEO Of Tavus, On Building The AI Avatar Developer Platform

What’s the big use case that you see driving adoption of AI replicas or talking head videos...

Sacra

Chris Savage, CEO Of Wistia, On The Economics Of AI Avatars

What’s the big use case that you see driving adoption of AI avatars or talking head videos...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AI-native SoundCloud

TL;DR: In AI-generated music, Suno has emerged as the category leader akin to ChatGPT in text and Midjourney in images. Sacra estimates that Suno...

Sacra

ElevenLabs At $90M ARR

TL;DR: Sacra estimates that ElevenLabs hit $90M in annual recurring revenue (ARR) in October 2024, up 260% YoY. Now, the Adobe Creative Cloud of AI...

Sacra

AI And The Future Of Video

​​As quickly as AI changed the way knowledge workers write and do research, it's changed how we make videos...

Sacra

Hassaan Raza, CEO Of Tavus, On Building The AI Avatar Developer Platform

What’s the big use case that you see driving adoption of AI replicas or talking head videos...

Sacra

Chris Savage, CEO Of Wistia, On The Economics Of AI Avatars

What’s the big use case that you see driving adoption of AI avatars or talking head videos...

Sacra

As quickly as AI changed the way knowledge workers write and do research, it's changed how we make videos...