Leaked numbers reveal massive revenue growth at $3 billion Google-backed startup UiPath (GOOGL)

• UiPath, an artificial intelligence company backed by Google and Sequoia, will soon hit $200 million annual recurring revenue, sources told Business Insider.
• Though founded in 2005, the company had just $3.5 million in ARR in 2016. 
• The company, which is backed by Accel, CapitalG and Sequoia, was last valued at $3 billion in a September funding round.

The buzzy and well-funded $3 billion artificial intelligence startup UiPath will soon hit $200 million in annual recurring revenue, sources told Business Insider.

UiPath, which does robotic process automation, brought in just $3.5 million in ARR in 2016, according to one source. This means the company grew its revenue by 5614% in just over two years.

ARR is a popular metric used by subscription software or SaaS companies. It essentially takes the value of long-term subscription contracts and normalizes it for a one year period.

The company announced that it hit $100 million in annual recurring revenue in July 2018, then $150 million in November. When UiPath hits $200 million in revenue in the next couple of weeks, its revenue will have grown 33% in just over two months. 

Founded in Romania in 2005, UiPath stayed relatively low-profile until 2015 when it raised its first round of venture capital. Silicon Valley firm Accel led its Series A in 2017, when it raised around $30 million at a $110 million valuation, according to PitchBook.

Alphabet's CapitalG jumped into the company in 2018, leading its first $1 billion unicorn round with a $153 million Series B. CapitalG and Sequoia Capital co-led a $225 million Series C in September, which valued the company at $3 billion, according to PitchBook.

SEE ALSO: US artificial intelligence startups had a record Q1 2018 and raised $1.9 billion of venture capital

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