It's a

fair statement to say, though, you are way more capital efficient than Workato. Oh,

for sure, right? So I think we've raised a total of 72 million in primary capital to get to roughly about 92 million in ARR right now. So that's the ratio that I look. That's about 1.6, right? For every dollar of ARR, how much have you invested in terms of raised capital? When

I study your story, and not just what you say on interviews, but what you've actually done in Form D filings and multiples and how you've done it, you have way, way more discipline around valuation than everyone else I've seen in the space, even Wade. I mean, everyone else I've interviewed in the space. So I'm really excited to dive into that. So here's the visual in terms of revenue growth. So you guys all have it. Again, four or five years to get to that first five million bucks of revenue, right? Early slog. Yeah.

And that's an interesting story in and of itself because we were bootstrapped from 2011 to end of 2015. By the way, we converted from a consulting company prior to that. I didn't know that. Hence why we were able to fund the company. And we got to 2015, early 2015. At that time, I think we were about 4 million in ARR. And my CTO and I had a conversation. And we knew the product that we had didn't really meet muster. Because everything was changing. We connect these various apps together. The way companies acquired SaaS apps, the way they wanted to connect them together, all of that was changing rapidly. And the product that we had was archaic. It was not the right user experience. So unfunded, we decided we're going to go build a new product. So in 2015, took a few engineers while still continuing business to go build a new product, hence why we only showed the revenue starting in 2016. And that coincided with raising our Series A round last day of 2015. And we entered 2016. without a product. We came out with it, I think, in March. But for practical purposes, the company was really founded in 2015.

And that is what that shot looks like in 2016, right? It's Series A time. So you can see the product drop down to the top. Smart connectors, productivity apps, integrators. For those of you trying to get your bearings in terms of what world we're talking about right now, think of where this is the iPaaS space, right? Integration, platform as a service, one of the leading players in the iPaaS space. We named some of the other people in the space earlier, but very hot space. It's effectively the tunneling of the Internet, basically.

Yeah, sometimes I use the term, it's the plumbing, right? In any given company, you've got all these applications, you've got data sources, you've got a data warehouse with the plumbing that connects these together, ingest data into a data warehouse. API management, connecting with your trading partners, we do all of that. It's an automation platform. So

what I want you guys to focus on here is that last number in the headline on this screenshot, because that multiple is one that is way lower than what others were raising in the space at the same time. And again, you have a discipline around here. I want you to elaborate on a second on that, but I want to establish the pattern more here first. So this was, it was about 8.3 on about a 30 post, right? Right around that?

That's correct. Yep. That's correct, yeah.

So pushing that forward in 2016, you then did like an extension or something, right, in 2017? What was this? Yeah,

in 2017, we just did an extension of the Series A round, another $4 million, correct.

Also disciplined, held before X. Again, I'm going to ask deeper about that here in a second. But pushing forward, we're now in 2017, 2018. I assume this new growth from $10 million to $16 million is the new product starting to get some traction. Correct.

And look, when we came out with the product in 2016, it was pretty nascent. It was missing a fabb of functionality for us to go compete with some of the other bigger players. We didn't have the biggest R&D team. We were still kind of in silent stealth mode building the various features we needed. Because, look, in the end, doing integration, connecting these apps, automating business processes, it's just a lot of work, right? There's so much functionality for us to go build. So we took small steps. We found little segments of the market that we could monetize at that time while we continue to build the platform.