Via aprio.com
The AI-native accounting startup has raised $100M in its third funding round in roughly a year, drawing backing from Sequoia, a16z, and ICONIQ.
AI accounting startup Rillet has raised $100 million in a Series C funding round at a $1 billion valuation, bringing its total funding to more than $200 million.
The round was led by ICONIQ, with participation from existing investors Sequoia Capital, Andreessen Horowitz and Oak HC/FT. New investors included Bain Capital Ventures, Battery Ventures, FirstMark, Scale Venture Partners and Creandum.
The funding marks Rillet’s third capital raise in the past year. The company, founded roughly two years ago, now serves more than 600 customers and said new annual recurring revenue doubled during the three months leading up to the latest round.
Rillet develops an AI native accounting platform designed to automate finance and accounting workflows. CEO and cofounder Nicolas Kopp said the company positions AI as a tool to assist finance professionals rather than replace them.
Customers include Neuralink, Skild AI and Mercor, while about 40% of Rillet’s customer base now comes from industries outside technology and AI.
Mercor is using Rillet’s AI agents to support a business generating more than $2 billion in annual recurring revenue with a finance team of three people, according to the company.
Rillet is positioning its platform as an alternative to legacy enterprise systems from companies including Oracle, SAP, Workday, Microsoft and NetSuite. Its software uses AI agents to automate accounting operations while maintaining financial records and audit trails.
The company also formed an alliance with EY earlier this year focused on AI native finance transformation and said it now works with more than half of the top 20 CPA firms ranked by Accounting Today.
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