Private Markets

• Regional Caregiving Marketplace Integration: Homage operates an asset-light digital health platform that matches licensed care professionals with seniors and adults across Singapore and Australia. By aggregating fragmented independent caregivers and digitising the service workflow, the company serves both direct consumer demand and institutional healthcare providers seeking supplementary staffing.
• Demographic Tailwinds And Margin Improvement: The business benefits from durable structural demand driven by an ageing population and rising public healthcare expenditure across the ASEAN region. Supported by top-tier institutional capital including Temasek-backed Sheares Healthcare Group, the company has demonstrated clear operational discipline by narrowing its earnings before tax deficit to US$3.1m in FY24.
• Top-Line Revenue Contraction: The company faces sustained top-line pressure, with operating revenue contracting consecutively from a peak of US$14.0m in FY22 down to US$10.1m in FY24. This absolute decline in revenue indicates a loss of relative market share within an expanding sector and compounds the financial strain of operating at a structural loss.

Executive Summary

• Omnichannel Platform Transition: LingoAce has evolved from a predominantly digital Mandarin tutoring service, which has operated a pilot blended-learning centre in Singapore since 2020, into a multi-subject educational platform serving students across more than 180 countries. The recent rollout of physical Ace Academy centres in Singapore, the United States and Australia expands its core offering to include mathematics and English language arts.
• Institutional Backing And Scale: The company leverages a distributed network of over 8,000 certified teachers to deliver a proprietary curriculum, achieving sustained profitability and positive operating cash flow since 2024. This operational maturity is validated by US$180.0m in total capital raised from top-tier institutional investors, including Peak XV Partners and Tiger Global.
• Deteriorating Credit Profile: The company leverages a distributed network of over 8,000 certified teachers to deliver a proprietary curriculum, narrowing its pre-tax loss to a low of US$4.9m in FY24 before returning to growth-led reinvestment in FY25. It has raised US$173.0m in total from institutional investors, including Peak XV Partners (formerly Sequoia Capital India) and Tiger Global.

• Sacra estimates that Scan.com reached $165M in annualized revenue in August 2026, up from $105M at the end of 2025.
• Scan.com has raised approximately $279M in lifetime financing, comprising roughly $149M in equity and $130M in debt facilities.
• Scan.com connects patients, payers, and clinicians with independent imaging centers through a single digital layer.

• Sacra estimates that Fish Audio reached $21M in annualized revenue in July 2026.
• On July 28, 2026, Fish Audio announced a $52M seed round co-led by Coreline Ventures and Capital Today.
• Fish Audio reported more than 8 million cumulative users and over 2 million community-created voice models on its platform as of July 2026.

• Sacra estimates that YipitData reached roughly $260M in annual recurring revenue (ARR) in August 2026, up from an estimated $215M at the end of 2025.
• In August 2026, YipitData was reported to be working with Goldman Sachs to explore a sale that could value the company above $2.5 billion.
• YipitData’s most recent primary equity round was a Series E in December 2021 led by The Carlyle Group, which invested up to $475 million at a valuation above $1 billion.

• Agents like Claude Code, driving token consumption up by 10x or more, are pushing companies not just toward open-weight models, but beyond, to local inference.
• Large-enterprise AI deployments are trending toward a 60/30/10 hybrid mix—60% on-prem inference, 30% cloud, and 10% via frontier-model APIs.
• As enterprises move AI inference out of frontier-model APIs and into their own data centers & thousands of edge locations, they inherit the work that cloud providers previously handled—deploying, updating, and securing tens of thousands of clusters.

• Sacra estimates that Hello Clever hit $50M in annualized revenue in August 2026.
• Hello Clever has raised approximately A$9.5 million, including an A$5 million round that closed in late 2024.
• The company reports more than 1,000 merchants, 2 million users, and more than $2 billion in cumulative payment volume processed across more than 20 markets.

• Sacra estimates that NinjaOne hit $500M in annual recurring revenue (ARR) in 2025, up 67% from $300M in 2024.
• NinjaOne was valued at $12.3B in June 2026 following a secondary-focused Series C extension of more than $400M.
• In mid-2026, NinjaOne reported nearly 40,000 customers across more than 140 countries.

• Sacra estimates that Obsidian Security reached $65M in annual recurring revenue (ARR) in August 2026, up from $52M at the end of 2025.
• Obsidian Security raised an $85M Series D on August 4, 2026, at a $1.1B post-money valuation.
• Obsidian Security serves 60 Fortune 500 companies as of August 2026, leaving room to replicate its seven-figure expansion pattern across the rest of the Fortune 500 and Global 2000.

• Spectro Cloud raised more than $100M in a Series D round in July 2026 led by Growth Equity at Goldman Sachs Alternatives.
• Spectro Cloud's PaletteAI is a control plane for central infrastructure teams to define, deploy, and continuously manage technology stacks.
• Spectro Cloud's TAM expansion follows three vectors: moving up the stack into AI infrastructure, broadening its customer base beyond enterprise platform teams, and entering sovereignty-driven geographic markets.

• Sacra estimates that Ultrahuman hit $140M in annualized revenue in August 2026.
• Management expects the run rate to reach $200M by January 2027.
• Ultrahuman raised $70M at a $365M valuation in a round announced on September 3, 2026.

Executive Summary

• Regional Omnichannel Healthcare Platform: Doctor Anywhere operates a hybrid medical model across five Southeast Asian markets, integrating a digital telemedicine application with a physical network of clinics and specialist centres. The company serves over three million registered users, providing a single touchpoint that bridges virtual consultations with in-person diagnostic care.
• Strong Institutional Capital Support: The company has secured approximately US$176.0m in total funding from top-tier strategic and financial investors, including a US$40.8m Series C extension in late 2023. This capital supports a closed-loop business model that leverages corporate and insurance partnerships for efficient user acquisition while cross-selling higher-margin physical medical services.
• Profitability Inflection From Cost Discipline, Not Growth: FY2025 delivered the company’s first operating profit in four years, at a margin of roughly 1%, achieved through the Vietnam exit, the wind-down of underperforming units and headcount reduction rather than volume expansion. The company remains net loss-making, the physical clinic network continues to carry material fixed costs, and no new primary capital has been raised since December 2023. The central question is whether a margin bought through rationalisation can be sustained and widened once the one-off cost actions are exhausted.

• Regional Neobanking Transition: Kredivo Group has evolved from a standalone digital credit provider into a diversified Southeast Asian financial services conglomerate, anchored by its acquisitions of Krom Bank and Timo. This strategic expansion allows the company to integrate deposit-taking capabilities with its established point-of-sale checkout infrastructure.
• Proprietary Credit Decisioning Engine: The core value driver is an alternative data scoring model that enables instant underwriting for consumers without formal credit histories. Separately, the group is well funded relative to its stage, having raised approximately US$400m in equity through the March 2023 Series D and secured committed debt facilities approaching US$1.0b to fund the loan book, with a further round reported in December 2025.
• Third-Party Licence Dependency: The May 2026 acquisition of Timo gives Kredivo the brand, technology stack, and customer relationships, but not the banking licence, which remains with BVBank under a cooperation agreement. Termination or adverse modification would suspend deposit-taking in Vietnam and require migration to an alternative licensed partner, feasible in principle given Kredivo owns the front end, but disruptive and unproven in practice.

• Colossal Biosciences was valued at approximately $10.2 billion following a $200M Series C in January 2025.
• The company sells through three channels.
• Colossal Biosciences is expanding from de-extinction into species engineering and conservation infrastructure.

• Firehawk Aerospace was valued at approximately $282M following its $55.8M Series C-1 round in January 2025.
• Firehawk Aerospace manufactures 3D-printed thermoplastic propellant, solid rocket motors, hybrid rocket engines, and complete tactical rockets for the U.S. Department of Defense.
• Firehawk Aerospace is expanding from propulsion technology into end-to-end energetics and munitions manufacturing, with growth vectors across high-volume production programs, adjacent munition categories, and allied manufacturing.

• Sacra estimates that Clipto hit $15M in annual recurring revenue (ARR) in January 2026.
• On August 31, 2026, Clipto closed a $15M all-equity round at a $250M post-money valuation.
• Clipto’s largest TAM expansion is the shift from point-solution transcription to a multimodal memory system spanning video, audio, images, documents, and meetings.

• Sacra estimates that Cosuno hit $23.2M in annual recurring revenue (ARR) in August 2026, up from $15.2M at the end of 2025.
• ARR grew from $4.4M at the end of 2023 to $6.8M at the end of 2024, then accelerated to $15.2M at the end of 2025.
• Cosuno remained loss-making in 2024 but cut its net loss by roughly 56% year over year as revenue grew 56%.

• Sacra estimates that Fingerprint hit $50M in annual recurring revenue (ARR) in August 2026.
• Fingerprint raised a $33 million Series C in October 2023 led by Nexus Venture Partners.
• Fingerprint serves more than 6,000 companies, identifies over 7 billion unique browsers and mobile devices annually, and processes more than 80 million real-time device-intelligence API events per day.

• Sacra estimates that HiBob reached $250M in annual recurring revenue (ARR) in 2025, up 47% from $170M in 2024.
• On September 1, 2026, HiBob announced a $166M financing led by Salesforce and disclosed more than 5,500 customers, up from approximately 5,000 in late 2025.
• HiBob targets the gap between lightweight SMB HR tools and heavyweight enterprise suites, focusing on multinational midsized companies that need global configuration without Workday-class cost and complexity.

• Sacra estimates that Shovels hit $3M in annual recurring revenue (ARR) in August 2026, up from $1.5M at the end of 2025.
• Shovels raised a $5M seed round led by Base10 Partners in June 2025, bringing total reported funding to $6.5M.
• Shovels standardizes fragmented local-government records covering building permits, contractors, properties, and local development decisions across the United States.

• Sacra estimates that Wafer hit $8M in annualized revenue in August 2026.
• Wafer raised a $40M Series A co-led by Marathon Management Partners and Chemistry at a valuation above $200M, announced on September 1, 2026.
• Wafer’s optimization software is designed to extract more usable tokens from each GPU-hour than a generic serving configuration.

• Launched in Denmark in 2015, Pleo expanded across 16 European markets and the U.S. to become one of Europe’s leading spend-management players.
• Expanding from Denmark into the UK (2017) and Sweden & Germany (2019), Spain & Ireland (2020) and then eight more European markets in 2022 including France, Finland & the Netherlands, Sacra estimates Pleo’s revenue hit ~$150M in 2025, up 33% YoY from $113M in 2024, valued at $1.62B as of February 2025 for a ~14x revenue multiple.
• Now in sixteen European countries, Pleo’s early lead is being contested by localized spend-management companies Spendesk (France, 2016), Payhawk (Bulgaria, 2018) & Moss (Germany, 2019) just as the big U.S. players move in.

• Sacra estimates that Fonio.ai hit $10M in annual recurring revenue (ARR) in July 2026.
• Fonio.ai closed a $17M seed round in June 2026 at a $140M post-money valuation.
• The company is targeting €20M to €30M in ARR in December 2026.

• Sacra estimates that Reframe hit $15M in annualized revenue in August 2026.
• Reframe has targeted 48 unit deliveries for full-year 2026 across New England and Southern California.
• On August 31, 2026, Reframe announced $40M in additional venture-backed equity financing led by Energy Impact Partners.

• On Track or Ahead of Expectations: The prior initiation report’s core investment theses are tracking in line with or ahead of expectations, driven by the July 2026 rollout of out-of-app payment infrastructure and the ongoing integration of the Recharge acquisition. While the company’s cost optimisation efforts and recent regulatory approvals validate its stabilising fundamentals, these initiatives must continue to offset the inherent margin constraints of global payment processing.
• Regulatory Breakthrough Unlocks Scale: Coda secured a Major Payment Institution licence from the Monetary Authority of Singapore in May 2026, authorising scalable cross-border money transfers and merchant acquisition. Concurrently, the firm accelerated the commercialisation of its web store infrastructure to capitalise on regulatory shifts in Europe and Japan, though it continues to navigate intense competition from established horizontal payment processors and gaming-specific rivals.
• SmartScores© Trend Positive, with Exit Readiness Stable: Coda’s Fundamental and Alt-Data SmartScores© improved, while the Exit Indicator SmartScore© remained stable. The Fundamental SmartScore© strengthened on improved unit economics and the new Major Payment Institution licence; the Alt-Data SmartScore© ticked up on stronger employee sentiment despite softer customer and social engagement; and the Exit Indicator SmartScore© held steady, with better financial investor quality offset by the introduction of new assessment categories. Overall, the trend points to a business that is structurally de-risking and scaling more efficiently, even without any new capital raised in the period.

• Sustained Growth and Expansion Thesis: Volopay continues to execute on its core operational objectives, with a geographic broadening of its expense management suite across the Asia-Pacific region and steady progress on its profitability pivot, even as recent top-line momentum has moderated from its FY2023 peak. This is offset by a 20% improvement in sales conversions and an ongoing transition towards a proprietary payment infrastructure, both of which structurally support margin expansion and reduce reliance on third-party banking rails.
• Capital Efficiency and Elevated Sector Rivalry: The firm has maintained its capital-efficient trajectory by holding total funding at US$31.4m without requiring dilutive primary equity raises since March 2022. However, competitive intensity remains elevated as well-funded regional rivals target similar break-even timelines, and industry feedback indicates that a lack of transparent online pricing introduces friction during the customer evaluation phase.
• Scorecard Trends show Resilience Amid Rising Competitive Pressure: Volopay’s Fundamental SmartScore© eased slightly as competitive pressure and a stale capital raise offset real gains in unit economics and moat strength. The Alt-Data SmartScore© improved on stronger employee and customer sentiment. The Exit Indicator SmartScore© eased slightly, as investor quality improved but the lengthening funding gap builds pressure toward a near-term liquidity event.

• ZaiNar was valued above $1B when it emerged from stealth in February 2026.
• ZaiNar reports sub-meter accuracy broadly and sub-10-centimeter accuracy in selected 5G deployments, with latency around 20 milliseconds and operation on as little as 10 MHz of spectrum.
• ZaiNar’s positioning-as-infrastructure wedge creates expansion paths into new product categories, adjacent verticals, carrier-scale distribution, and international markets.

• Sacra estimates that Workvivo hit $100M in annual recurring revenue (ARR) in August 2026, up from approximately $75M at the end of 2025.
• Founded in Cork, Ireland, in 2017 by John Goulding and Joe Lennon, Workvivo raised a seed round backed by Frontline Ventures and Enterprise Ireland, followed by a $22M Series B in June 2022 led by Tiger Global Management.
• In June 2026, Workvivo launched Workvivo HQ, adding an agentic AI layer called HQ Agent.

• On February 24, 2026, MatX closed a $500M Series B at an implied post-money valuation of approximately $4.65B.
• On August 27, 2026, Reuters reported that Anthropic had considered acquiring MatX for approximately $7B before talks ended and shifted toward a possible partnership.
• Nvidia is the primary competitor because its moat extends beyond the GPU die.

• Instinct closed a $250 million Series B in August 2026 at a $2.5 billion post-money valuation.
• Instinct is an autonomous personal AI assistant that connects to a user’s email, messaging, calendar, documents, screen activity, audio, and location, then operates their phone and computer to complete tasks.
• Instinct competes across four converging categories: platform-integrated assistants, independent AI executive assistants, computer-use agents, and ambient-context products.

• Where Plaid unified bank connectivity, Mesh is building the same abstraction layer for crypto payments, connecting merchants to 300+ wallets & exchanges while settling into a single stablecoin or fiat currency.
• Rather than compete with Stripe or PayPal for merchant relationships, Mesh distributes B2B2C through payment processors, wallets, exchanges & platforms, powering features like PayPal and Shift4’s Pay with Crypto used by 10M+ global merchants while monetizing the transaction volume flowing through its APIs via percentage or flat usage fees.
• From ~$1M in revenue in January 2024, Sacra estimates that Mesh hit $52M in annualized revenue in June 2026, up from $31M at the end of 2025, valued at $2B as of its July 2026 fundraising round (Binance) for a ~39x forward revenue multiple.

Executive Summary

• Theses Tracking Positively Amid Capacity Upgrades: The prior initiation theses are tracking positively, supported by the expansion of the Philippine campus target to over 100 MW and the advancement of a US$500.0m hyperscale cluster in Vietnam. While institutional backing from Warburg Pincus and Zero Two continues to fund these capital-intensive deployments, the reliance on local joint ventures to navigate regional entry barriers requires ongoing compliance oversight.
• Regional Pipeline Expansion and Cooling Innovations: Evolution Data Centres progressed its regional pipeline by securing investment certificates for a new Ho Chi Minh City facility and scaling its Manila campus, with the expanded configuration now targeting ready-for-service in 3Q27. Concurrently, the company is deploying air and liquid-cooled systems to manage rising AI rack densities amid growing regional water scarcity concerns.
• SmartScoring Update: Evolution’s three SmartScores were mostly steady to slightly softer this period. The Fundamental score saw genuine progress on growth (Vietnam’s land lease, Thailand’s next construction phase) outweighed by rising competition, continued margin pressure, and a funding gap on the new Vietnam commitment; sustainability gains lagged behind an expanding footprint still too early stage to show operational data; and the modest improvement in exit readiness came from external M&A activity validating market valuations rather than any new capital event at Evolution itself.

• Sacra estimates that Base44 hit $200M in annual recurring revenue in August 2026, up from $59M at the end of 2025.
• The unit economics story improved in 2026.
• Base44 was bootstrapped and raised no external venture funding before its acquisition.

• Sacra estimates that Dataminr hit $225M in annual recurring revenue (ARR) in July 2026, up from $205M at the end of 2025.
• International defense has been a particularly strong growth driver, with ARR from that segment growing more than 180% year-over-year.
• Dataminr's U.S. Department of War First Alert contract is worth $318M over roughly five years.

• Sacra estimates that Design Arena hit $60M in annualized revenue in July 2026.
• Design Arena raised a $7.9M seed round announced on August 3, 2026, led by Index Ventures with participation from Conviction, A*, Valkyrie, and Y Combinator.
• Design Arena uses a multi-sided model with free consumer acquisition and paid enterprise products.

• Sacra estimates that Mesh hit $52M in annualized revenue in June 2026, up from roughly $31M at the end of 2025.
• Mesh raised a $75M Series C in January 2026 at a $1B post-money valuation, led by Dragonfly Capital.
• Mesh is expanding from crypto checkout into deposits, payouts, cross-border settlement, compliance, payroll, and agentic commerce.

• Sacra estimates that Prosper Health surpassed $70M in annualized revenue in August 2026, up from an estimated $33M at the end of 2025.
• Prosper Health provides virtual healthcare for autistic and neurodivergent adults.
• Prosper Health is a vertically integrated virtual care provider that sells directly to consumers through a B2C model.

• Sacra estimates that Quinn hit $34M in annual recurring revenue in August 2026, up from an estimated $25M at the end of 2025.
• Revenue roughly doubled between February and October 2025, while the subscriber base grew 168% year-over-year, with women accounting for 83% of subscribers.
• Quinn raised $3.2M in 2022, when the company reported approximately $4M in annual revenue after its first year on the App Store.

• Sacra estimates that Venice AI hit $110M in annualized revenue in August 2026, up from approximately $10M at the end of 2025.
• The revenue mix shifted as the platform scaled.
• Venice AI raised a $65 million Series A on July 1, 2026, at a $1 billion post-money valuation.

• Delivery on Track, Home Market Allocation Missed: Two theses are on track, and one
  has been directly challenged. AI-readiness is confirmed on the engineering side, with
  TH1 breaking ground in May as a 20MW liquid-cooled facility built for GPU workloads, though the premium pricing and margin half of that thesis remains unevidenced, with no contracted MW, occupancy, or anchor tenant disclosed for any asset.
• Sustained Regional Expansion Amidst Tightening Regulatory Frameworks: The firm continues to execute its multi-market strategy to capture elevated hyperscale demand, aligning with over US$20.0b in regional capital expenditure commitments from global cloud providers. However, this expansion coincides with tightening government regulations regarding power allocations and environmental standards across Southeast Asia, which increases operational complexity while simultaneously reinforcing the defensive moat of established operators.
• Engineering Discipline Intact, Disclosure Yet to Catch Up: Empyrion’s sustainability score has eased across the half-year, but the decline reflects one external setback and one structural trend rather than any deterioration in how the company builds. The Singapore proposal was not selected under DC-CFA2, removing the most ambitious efficiency specification from the assessable portfolio along with the design intent that had justified the higher energy score.

• Sacra estimates that Sanas hit $77M in annual recurring revenue (ARR) in August 2026, up from $50M at the end of 2025.
• Sanas reported approximately 160% net revenue retention in August 2026 as customers added Language Translation, Speech Enhancement, and Speech Intelligence to initial Accent Translation deployments.
• Sanas sells enterprise subscriptions on a per-user, per-year basis through a B2B go-to-market model.