Artificial intelligence startup Anthropic estimates it will generate more than $850 million in annual revenue by the end of 2024, reported informed of on Tuesday, citing two people with knowledge of the company’s financial picture.

According to the report, three months ago the company had told some investors that it was generating revenue at an annual rate of $100 million and expected the figure to reach $500 million by the end of 2024.

Backed by Amazon.com and Alphabet’s Google, Anthropic is one of a series of companies building generative AI systems that can create human-like responses and content.

It was co-founded by siblings Dario and Daniela Amodei, former executives at Microsoft-backed rival OpenAI. Its cloud AI models have competed for prominence with OpenAI’s GPT series.

The Information reported that some people close to the company believe Anthropic could reach $1 billion in annual revenue next year, or $83 million in revenue per month.

Company also included discussions A source with direct knowledge of the matter told Reuters last week that $750 million will be raised in a funding round led by Menlo Ventures.

Over the past few months, Google and Amazon agreed to invest up to $2 billion and $4 billion, respectively, in the company.