This week, VenCap’s underlying portfolio saw significant revenue milestones at Anthropic and ElevenLabs, alongside sizeable fundraising rounds across prediction markets, space and AI applications.

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Anthropic Hits $44bn in ARR, up from $30bn in early April

Anthropic, the AI company behind Claude, saw its annualised recurring revenue increase from $30B in early April to over $44B, as demand from end users consuming tokens continues to grow. Gross margins on the company’s inference infrastructure have increased from 38% to over 70% over the same period. The update attributes this demand to end users seeing a strong return on investment from token consumption and frames the growth as being in its early stages. Anthropic is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

 

Kalshi Raises $1 Billion at $22 Billion Valuation

Kalshi, a prediction markets platform, plans to announce it has raised $1 billion in new funding at a $22 billion valuation. The round is the company’s third in seven months and follows strong consumer adoption across sports, politics and other event-based markets. Kalshi said annualised trading volume has reached $178 billion, annualised revenue is more than $1.5 billion, and institutional trading volume has grown 800 percent over the past six months. The company plans to use the funding to expand services for corporate users, including data integrations for trading firms and more block trading. Kalshi is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

 

Sierra Raises $950 Million at Over $15 Billion Valuation

Sierra, a three-year-old AI customer service startup that builds agents for managing client relationships, said it is raising $950 million at a valuation of over $15 billion including the investment. The valuation is 50% higher than its September round, which valued the company at $10 billion after the investment. Sierra competes with Decagon and Salesforce and said it is working with 40% of Fortune 50 companies, having reached $150 million in annualised recurring revenue in February. The company remains focused on automating customer service and client-relationship workflows through AI agents. Sierra is an underlying asset of VenCap 16 and VenCap 17.

 

ElevenLabs Crosses $500M ARR

ElevenLabs has crossed $500M in ARR and welcomed a new group of investors including BlackRock, Wellington, Nvidia, Santander, Jamie Foxx and Eva Longoria. The company began by building human-level AI voice models and now offers a platform that helps businesses transform communications across customer support, sales, hiring, training, marketing and media. ElevenLabs said the new investors and their expertise will help accelerate its work to bring natural AI communication to business and audience use cases. ElevenLabs is an underlying asset of VenCap 16 and VenCap 17.

 

Suno Expected to Raise More Than $250 Million at $5 Billion Valuation

Suno, an AI music startup, is expected to close a Series D funding round within weeks, raising more than $250 million at a valuation of $5 billion. The reported round would more than double Suno’s valuation from its November Series C, when it was valued at $2.45 billion post-money. The company disclosed in February that it had reached 2 million paid subscribers, $300 million in annual recurring revenue and over 100 million users. Suno continues to expand its offering, including through the Songkick acquisition, while facing active copyright litigation and licensing challenges with major music rights-holders. Suno is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

 

Astranis Raises $450 Million at $2.8 Billion Valuation

Astranis has raised $450 million in new capital, combining equity and debt, at a reported valuation of $2.8 billion. The San Francisco-based satellite operator builds and operates small communications satellites designed for geostationary orbit, providing dedicated capacity to countries, telecom operators and enterprise users. The funding will be used to accelerate production for commercial customers and scale manufacturing to support US military satellite procurements. Astranis said it is responding to growing demand from both commercial customers and anticipated US government programmes of record. Astranis is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Sources: Financial Times; Bloomberg; TechCrunch; The New York Times; The Information