AI accounting startup Rillet raises $100M, hits $1B valuation
US accounting technology startup Rillet has raised a $100 million Series C round at a $1 billion valuation. The company says it has doubled its annual recurring revenue over the past three months.
Rillet, an AI-driven accounting technology company, announced on Tuesday that it has closed a $100 million Series C funding round at a $1 billion valuation. The round was led by Iconiq, with existing backers Andreessen Horowitz and Sequoia also participating.
The company emerged from stealth mode in 2024 and has since become one of the most talked-about AI startups in the enterprise resource planning (ERP) space. Its platform uses artificial intelligence to help finance teams manage company books, including automatically and continuously pulling data from sources such as Salesforce and Brex.
Rillet says it now serves more than 600 customers and has doubled its annual recurring revenue in just the past three months. Co-founder and CEO Nicolas Kopp said on X that the new funding round came together in less than 48 hours. According to Kopp, the company had not been planning to raise money, but investor interest surged following recent developments, including a partnership with consulting firm EY and the sharp rise in revenue and customer numbers.
Iconiq general partner Seth Pierrepont said in a statement that a year ago the firm backed a vision of the general ledger evolving beyond a simple record-keeping system into an operating platform for finance — a vision he said has now become reality.
The Series C follows a $70 million Series B round led by Iconiq and Andreessen Horowitz last year, which itself came shortly after a $25 million Series A round led by Sequoia. Rillet has now raised more than $200 million in total funding.
The pace at which AI startups like Rillet are able to raise large sums reflects continued investor enthusiasm for artificial intelligence, particularly companies seen as capable of challenging established SaaS players such as NetSuite.
