Sana Acquisition, Valuation, Funding & Investors
Sana was acquired by Workday for $1.1B in September 2025.
Sana revenue at acquisition
$10M
Last twelve months · Sep 2025
Cumulative funding Sana raised
$137M
across 7 funding rounds
Key investors in Sana
Menlo Ventures
EQT Ventures
New Enterprise Associates
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Katarina MartinsonMax Ventures
Workday Ventures
About Sana
Sana Labs is a Stockholm-headquartered provider of AI-powered enterprise learning platforms that integrate search, content generation, and personalized training modules. The platform connects company knowledge bases with adaptive learning paths, serving clients such as Volvo, Salesforce, and Deutsche Telekom across manufacturing, finance, and tech sectors. Sana Labs supports over 10 million learners globally through its cloud-based system, which processes internal documents and videos to deliver real-time recommendations. Founded in 2015, the company operates in Europe and North America, with recent expansions into generative AI features for automated course creation.
Founded
2016
HQ
StockholmWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$10M (Sep 2025)
Valuation
$500M (Oct 2024)
Sana Acquisition
Sana was acquired by Workday for $1.1B on 16 September 2025.
Before the acquisition Sana had raised $137M across 7 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 16 Sep 2025 | Strategic M&A | $1.1B | 110.0x |
Sana Valuation
Sana is currently valued at $500M, based on its Series C in October 2024.
The $55M round was led by New Enterprise Associates, with participation from Menlo Ventures.
Sana's valuation has grown 6.8x from $74M at its Series A in January 2021 to $500M in October 2024, across 4 priced rounds.
Sana valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2024 | Series C | $500M |
| Apr 2023 | Series B | $250M |
| Dec 2022 | Series B | $180M |
| Jan 2021 | Series A | $74M |
Sana Funding History
Sana has raised a total of $137M across 7 funding rounds.
Sana's first fundraising round was a $1M seed round in August 2017. The most recent completed round was a $55M Series C in October 2024.
Sana funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2024 | Series C | New Enterprise Associates (lead); Menlo Ventures | $55M | $500M | Sana is a Swedish AI scaleup that applies AI to enterprise knowledge, offering products for personalized online training and AI assistants trusted by companies like Merck, Hinge Health, Electrolux, Svea Solar, and Piab. On October 30, 2024, it raised $55 million at a $500 million valuation in a round led by New Enterprise Associates (NEA), with participation from Menlo Ventures and others, bringing total funding to over $130 million and positioning it among the world's most well-funded AI companies. The investment will fuel global go-to-market expansion and accelerate AI and experience design R&D. Alongside the raise, Sana announced new agentic AI features enabling organizations to build custom AI agents for teams or workflows without coding, powered by its RAG technology and A-4 agent solution; these agents handle multi-step problems, integrate with other apps, and self-critique outputs. It also acquired workflow automation startup CTRL. Sana has experienced surging demand amid the generative AI race, launching a Free tier in April 2024 that created 100,000 new workspaces in six months, now followed by a Team tier for smaller organizations. Customers report operational efficiencies, such as at Piab with 1,500 employees across 20 countries using Sana for product info, sales arguments, and R&D support with quick payback. This follows a $28 million Series B last year, with total funding reaching $137 million. |
| Apr 2023 | Series B | New Enterprise Associates (lead); Menlo Ventures; Workday Ventures; EQT Ventures | $28M | $250M | Sana Labs, a Stockholm-based AI-powered learning and knowledge platform founded in 2016 by Joel Hellermark, raised an additional $28 million in a Series B extension led by New Enterprise Associates (NEA), with participation from Workday Ventures. This brought total Series B funding to $62 million following a prior $34 million Series B led by Menlo Ventures in December 2022, and overall funding to $80 million at a $250 million post-money valuation. The opportunistic round was prompted by NEA's proactive offer, highlighting Sana's strong commercial performance with 3x year-over-year business growth. Sana's platform functions as a universal AI interface for enterprises, indexing organizational data through large language models (LLMs) to enable searching, querying, training course creation, summarization, translation, and more while keeping proprietary information private. It integrates elements of learning management systems (LMS), authoring tools, and virtual classrooms, serving clients like Merck, Hinge Health, Electrolux, and Svea Solar. The funding supports expansion of product development and commercial teams across Stockholm, London, and New York, with headquarters remaining in Stockholm. Investors praised Sana's exceptional track record, top talent, bold vision, and potential to become the de-facto AI platform for enterprises with endless use cases. NEA's Scott Sandell and Philip Chopin emphasized the company's organizational alignment and leadership in the AI space. This round positioned Sana as one of Europe's most highly funded AI companies at the time. Subsequent developments include a $55 million raise at $500 million valuation in October 2024 led by NEA with Menlo Ventures, acquiring CTRL, and launching agentic AI features, bringing total funding over $130 million. |
| Dec 2022 | Series B | Menlo Ventures (lead); EQT Ventures | $34M | $180M | Sana Labs AB, an AI-powered platform for enterprise knowledge management and employee learning, raised $34 million in a Series B funding round in December 2022, led by Menlo Ventures with participation from existing investor EQT Ventures and several angel investors. The platform connects to workplace tools like Slack, Salesforce, Notion, GitHub, and Google Workspace to index information, generate natural language answers, automate content creation such as quizzes, and translate learning materials, aiming to reduce onboarding time, boost sales efficiency, and retain talent. Customers include Merck & Co., Klarna, Hinge Health, Electrolux, and Svea Solar, with tens of thousands of employees across about 100 businesses showing high weekly and daily active usage, distinguishing it from traditional e-learning platforms. The funding supports platform feature development and hiring across offices in Stockholm, London, and New York to drive customer base growth in the $30 billion learning and development market. Menlo Ventures partner JP Sanday noted Sana's positioning to capture market share through AI efficiency. Subsequent developments include a Series C round in October 2024 raising $55 million at a $500 million valuation led by NEA with Menlo Ventures participation, bringing total funding over $130 million, alongside acquisition of workflow automation startup CTRL and launch of new agentic AI features and tiered pricing including a free tier that created 100,000 workspaces in six months. |
| Jan 2021 | Series A | EQT Ventures (lead) | $18M | $74M | Sana Labs is a Swedish AI-native startup founded in 2016 by Joel Hellermark, focused on transforming learning through machine learning to enable employees to create, share, and apply knowledge for efficient skilling, upskilling, and reskilling in organizations. EQT Ventures invested in Sana in early 2021, specifically on January 13, 2021, as part of its Series A funding, marking one of EQT's deals in the AI application layer. Sana has since progressed through multiple funding stages, raising a total of $136.5M over 7 rounds, with later investments including a Series B led by Menlo Ventures in 2022 or 2023 where EQT participated as an existing investor, a Series B-II and Series C in 2023-2024 with New Enterprise Associates, and a $55M Series C on October 30, 2024. Valuations are noted later at $500M in October 2024 and culminating in a $1.1bn exit acquisition by Workday in September 2025, providing access to over 75 million users at more than 65% of the Fortune 500. Sana's growth involved innovations like AI-powered personalized learning during the 2020 pandemic for 100,000 nurses, interactive video platforms in 2021, and later Generative AI features such as Sana Assistant and Universal Search amid economic uncertainty. |
| Jun 2019 | Undisclosed stage | Bonit Capital | - | - | Bonit Capital, through its wholly owned impact arm Leksell Social Ventures, took an early equity stake in Stockholm AI company Sana Labs as one of three new direct investments announced by the vehicle on 1 June 2019, alongside Meru Health and Just Arrived. Sana Labs was then building machine-learning software for personalised learning, and the investment was framed around education and skills as one of Leksell Social Ventures' focus areas. The size of the stake and the amount invested were not disclosed. |
| Jun 2018 | Seed | Sven Hagströmer (lead); Leksell Social Ventures; John Lindfors; Katarina Martinson; Laurent Leksell; R Ventures | $1M | - | - |
| Aug 2017 | Seed | Katarina Martinson (lead); Max Ventures; Joen Bonnier; Sophia Bendz; Mattias Miksche | $1M | - | - |
Who has invested in Sana?
15 investors have backed Sana across its funding rounds, including Menlo Ventures, EQT Ventures, New Enterprise Associates, Katarina Martinson, Max Ventures and Workday Ventures.
Lead investors include New Enterprise Associates, Menlo Ventures, EQT Ventures, Sven Hagströmer and Katarina Martinson.
Sana Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 San Francisco, CA | 3 | Lead | Dec 2022 | |
| Stockholm | 3 | Lead | Jan 2021 | |
| San Francisco, CA | 2 | Lead | Apr 2023 | |
| Katarina Martinson | Stockholm | 2 | Lead | Aug 2017 |
| Stockholm | 1 | Participant | Jun 2018 | |
| New York City, NY | 1 | Participant | Aug 2017 | |
| Joen Bonnier | Stockholm | 1 | Participant | Aug 2017 |
| Sophia Bendz | Stockholm | 1 | Participant | Aug 2017 |
| John Lindfors |  Hong Kong | 1 | Participant | Jun 2018 |
| San Francisco, CA | 1 | Participant | Apr 2023 | |
| Stockholm | 1 | Participant | Jun 2019 | |
| Mattias Miksche | Stockholm | 1 | Participant | Aug 2017 |
| Sven Hagströmer | Stockholm | 1 | Lead | Jun 2018 |
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Start Free TrialAcquisitions by Sana
Sana has acquired 1 company to date.
Last acquisition by Sana was on October 30th 2024. Sana acquired Ctrl for undisclosed valuation.
Latest Acquisitions by Sana
| Description | Ctrl is a Tel Aviv-based sales enablement platform founded in 2021 that unifies customer data from CRM, email, and support tools into custom dashboards. Sales teams access 360-degree customer views for faster opportunity tracking and task automation. Ctrl integrates with Salesforce, HubSpot, and Gong, serving B2B companies in Israel and the U.S. with no-code workspace builders. |
| HQ Country |  |
| HQ City | Tel Aviv |
| Deal Date | 30 Oct 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Sana acquisitions and their M&A valuation multiples. Start Free Trial | |
Sana Competitors
Sana competitors include listed companies like UiPath and Rezolve AI, and private ones like Tezign, Augment Code, Genspark and Beamery.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Shanghai | Private | - | - | $1B | - | |
| San Francisco, CA | Private | - | - | $977M | - | |
| San Francisco, CA | Private | $50M | - | $1.3B | 25.0x | |
 Romania | Publicly listed | $1.6B | $70M | $7.2B | 3.5x | |
 London | Private | - | - | $1B | - | |
| United Kingdom | Publicly listed | $47M | ($109M) | $950M | 4.0x |
Sana Public Comps
Sana is no longer listed, but its public comps include Optasia, iFLYHealth, Extreme Vision, Appier Group, Rackspace, cyber_Folks, Vobile, McMillan Shakespeare, Arcs Co and BigBear.ai.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $265M | $79M | 4.3x | 3.6x | 14.5x | 9.1x | |||
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
| $44M | ($6M) | 22.8x | 11.6x | (163.7x) | - | |||
| $281M | $44M | 3.4x | 2.9x | 21.6x | 15.7x | |||
| $2.7B | $244M | 1.5x | 1.6x | 17.1x | 15.0x | |||
| $226M | $72M | 5.1x | 4.3x | 16.1x | 13.0x | |||
| $366M | $63M | 3.1x | 2.6x | 18.0x | 20.1x | |||
| $336M | $179M | 4.5x | 3.5x | 8.4x | 11.4x | |||
This data is available for Pro users. Sign up to see all Sana competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Sana
| When was Sana founded? | Sana was founded in 2016. |
| Where is Sana headquartered? | Sana is headquartered in Stockholm, Sweden. |
| Is Sana publicly listed? | No, Sana was acquired by Workday in September 2025. |
| Who acquired Sana? | Sana was acquired by Workday in September 2025. |
| How much was Sana acquired for? | Sana was acquired for $1.1B in September 2025. |
| What is Sana's valuation? | Sana was last valued at $500M in its Series C in October 2024. |
| How much funding has Sana raised? | Sana has raised $137M across 7 funding rounds. |
| What was Sana's last funding round? | Sana's last funding round was a $55M Series C in October 2024, led by New Enterprise Associates. |
| Who are Sana's investors? | Sana's investors include Menlo Ventures, EQT Ventures, New Enterprise Associates, Katarina Martinson, Leksell Social Ventures, Max Ventures, Joen Bonnier, Sophia Bendz, John Lindfors, Workday Ventures and 5 others. |
| Which companies are comparable to Sana? | Companies comparable to Sana include Tezign, Augment Code, Genspark, UiPath, Beamery and Rezolve AI. |
| How many companies has Sana acquired? | Sana has acquired 1 company, including Ctrl. |
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