Key facts
- AI accounting startup Rillet raised $100 million in a Series C round.
- The company achieved a $1 billion valuation.
- The funding round was led by Iconiq.
- Rillet's software uses AI to automate financial data management for companies.
- The startup has over 600 customers and has doubled its annual recurring revenue in three months.
AI accounting startup Rillet announced on Tuesday that it has secured $100 million in a Series C funding round, valuing the company at $1 billion. The round was led by Iconiq, with participation from returning investors Andreessen Horowitz and Sequoia. Rillet, which emerged from stealth in 2024, develops AI-powered software designed to assist finance professionals in managing company books. The platform can automatically extract data from various sources, including Salesforce and Brex. The company reports having over 600 customers and has doubled its annual recurring revenue in the past three months. Nicolas Kopp, Rillet's co-founder and CEO, stated that the funding round was completed in less than 48 hours, driven by significant recent progress such as an alliance with EY and substantial growth in ARR and customer base. Seth Pierpont, General Partner at ICONIQ, highlighted Rillet's success in transforming the general ledger into an 'operating system for finance.' Prior to this Series C, Rillet raised a $70 million Series B last year and a $25 million Series A shortly before that, bringing its total funding to over $200 million. The rapid fundraising success underscores the intense investor interest in AI startups, particularly those aiming to disrupt established SaaS players.