Daily Brief Private Markets: Evolution Data Centres: Continued Rapid Regional Buildout Alongside Significant Financing (Update) and more

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.