In early October, DualEntry, an AI enterprise resource planning (ERP) startup, announced a $90 million Series A round led by Lightspeed and Khosla Ventures, valuing the one-year-old business at $415 million.

The company seeks to replace legacy software like Oracle NetSuite with its offering that can automate routine tasks and provide predictive insights. The massive funding round from top-tier VCs signaled that the startup is likely experiencing phenomenal revenue growth.

However, one VC who declined to invest told TechCrunch that DualEntry’s annual recurring revenue (ARR) was just around $400,000 when he reviewed the deal in August. DualEntry co-founder denies that number. When asked about revenue when the deal closed, Nestares said it was “considerably higher than that.”

Even so, an

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