Govini, a defense tech software startup taking on the likes of Palantir , has blown past $100 million in annual recurring revenue, the company announced Friday.
"We're growing faster than 100% in a three-year CAGR, and I expect that next year we'll continue to do the same," CEO Tara Murphy Dougherty told CNBC's Morgan Brennan in an interview. With how "big this market is, we can keep growing for a long, long time, and that's really exciting."
CAGR stands for compound annual growth rate, a measurement of the rate of return.
The Arlington, Virginia-based company also announced a $150 million growth investment from Bain Capital. It plans to use the money to expand its team and product offering to satisfy growing security demands.
In recent years, venture capitalists have poured more money into defense tech startups like Govini to satisfy heightened national security concerns and modernize the military as global conflict ensues.
The group, which includes unicorns like Palmer Luckey's Anduril, Shield AI and artificial intelligence beneficiary Palantir, is taking on legacy giants such as Boeing , Lockheed Martin and Northrop Grumman , that have long leaned on contracts from the Pentagon.