Rillet, an AI accounting startup, announced a $100 million Series C funding round at a $1 billion valuation on Tuesday, a deal led by Iconiq. The company, which emerged from stealth in 2024, counts Andreessen Horowitz and Sequoia as returning investors in this round. Rillet operates in the enterprise resource planning (ERP) industry, where it has quickly gained attention as a leading AI-focused player.
The company’s platform uses AI to help finance professionals manage a business’s books, such as automatically pulling data from sources like Salesforce or Brex on a continuous basis. Rillet reports having more than 600 companies as customers, and it says its annual recurring revenue has doubled over the past three months. That growth follows an alliance with EY, which the company says helped fuel investor interest in this latest round.
Nicolas Kopp, Rillet’s co-founder and CEO, stated on X that the Series C came together in less than 48 hours, despite the company not planning to raise new funds. He attributed the sudden interest to the significant progress made since its previous funding round, including the EY partnership and jumps in both ARR and customer count. The round’s speed highlights the intense demand from investors for AI startups that show rapid traction.
Iconiq general partner Seth Pierrepont said in a statement that a year ago the firm backed a bold vision for Rillet. He described that vision as turning the general ledger from a simple system of record into the operating system for finance, which he said is now a reality. Pierrepont’s comments underscore the strategic bet investors are placing on Rillet’s ability to reshape core financial workflows.
This new funding builds on Rillet’s recent trajectory, which included a $70 million Series B led by Iconiq and Andreessen Horowitz last year, and a $25 million Series A led by Sequoia shortly before that. In total, the company has raised more than $200 million to date. The rapid pace of these raises, along with the fast growth in customers and revenue, illustrate how eager investors remain about AI, particularly for startups targeting legacy enterprise software providers in the US market.
While the so-called “SaaSpocalypse” narrative may be overstated, the situation at Rillet suggests real disruption is underway in the software-as-a-service sector. The company’s rise signals that AI-native challengers can quickly attract capital and customers, putting pressure on established ERP players like NetSuite. The Series C round, completed in under two days, reflects a broader trend of AI startups commanding premium valuations and fast-moving funding cycles.
More company and startup news from TechManNews.
