AI accounting startup Rillet announced a $100 million Series C at a $1 billion valuation on Tuesday, led by Iconiq. Returning investors included Andreessen Horowitz and Sequoia. Rillet, which emerged from stealth in 2024, is quickly becoming one of the hottest AI startups in the enterprise resource planning (ERP) industry.
The company’s software deploys AI to help finance professionals manage a company’s books. It says it can, for instance, automatically and continuously pull data from sources like Salesforce or Brex.
Rillet touts more than 600 companies as customers and says it has doubled its ARR in the past three months. Nicolas Kopp, the company’s co-founder and CEO, said on X that this latest round came together in “less than 48 hours.” The company wasn’t planning to raise, he said, but interest grew because so much had happened since its last round, like an alliance with EY and the jump in ARR and customers.
“A year ago, we backed a bold vision for Rillet: that the general ledger could become more than a system of record and instead the operating system for finance,” Seth Pierpont, General Partner, ICONIQ, said in a statement shared with TechCrunch. “That vision is now reality.”
Rillet last raised a $70 million Series B last year in a round led by ICONIQ and Andreessen Horowitz. Shortly before that round, it announced a $25 million Series A led by Sequoia. The company has raised more than $200 million to date. The rapid growth of AI startups — and how quickly they can raise large sums — shows how feverish investors remain about AI, especially regarding those poised to disrupt legacy SaaS players like NetSuite. Though reports of a SaaSpocalypse might be overplayed, smoke indeed hints at a fire.
