Rillet Hits $1B Valuation

AI accounting startup Rillet has raised $100 million in Series C funding at a $1 billion valuation, just two years after emerging from stealth. The round was led by Iconiq, with existing investors including Andreessen Horowitz and Sequoia participating.

Rillet is positioning itself as an AI-native alternative to traditional enterprise resource planning and accounting platforms. Its technology helps finance teams automate bookkeeping by continuously pulling financial and operational data from platforms such as Salesforce and Brex.

The startup says it now serves more than 600 companies and has doubled its annual recurring revenue in just three months. Co-founder and CEO Nicolas Kopp said the latest financing came together in less than 48 hours, despite the company not initially planning to raise capital.

Investor interest accelerated following Rillet’s rapid customer growth and its alliance with EY. Iconiq believes Rillet is transforming the general ledger from a traditional system of record into an intelligent operating system for finance.

Rillet previously raised a $70 million Series B and a $25 million Series A, bringing its total funding to more than $200 million.

The rapid rise highlights investors’ continuing appetite for AI-native enterprise software. Startups such as Rillet are increasingly challenging established SaaS and ERP platforms by embedding automation and intelligence directly into core business workflows.