Rillet raises $100M Series C at $1B valuation — 2 years after emerging from stealth

In Brief

AI accounting startup Rillet announced a $100 cardinal Series C astatine a $1 cardinal valuation connected Tuesday, led by Iconiq. Returning investors included Andreessen Horowitz and Sequoia. Rillet, which emerged from stealth successful 2024, is rapidly becoming 1 of the hottest AI startups successful the endeavor assets readying (ERP) industry. 

The company’s bundle deploys AI to assistance concern professionals negociate a company’s books. It says it can, for instance, automatically and continuously propulsion information from sources similar Salesforce oregon Brex.

Rillet touts much than 600 companies arsenic customers and says it has doubled its ARR successful the past 3 months. Nicolas Kopp, the company’s co-founder and CEO, said connected X that this latest circular came unneurotic successful “less than 48 hours.” The institution wasn’t readying to raise, helium said, but involvement grew due to the fact that truthful overmuch had happened since its past round, similar an alliance with EY and the leap successful ARR and customers.  

“A twelvemonth ago, we backed a bold imaginativeness for Rillet: that the wide ledger could go much than a strategy of grounds and alternatively the operating strategy for finance,” Seth Pierpont, General Partner, ICONIQ, said successful a connection shared with TechCrunch. “That imaginativeness is present reality.” 

Rillet past raised a $70 cardinal Series B past twelvemonth successful a circular led by ICONIQ and Andreessen Horowitz. Shortly earlier that round, it announced a $25 cardinal Series A led by Sequoia. The institution has raised much than $200 cardinal to date. The accelerated maturation of AI startups — and however rapidly they tin rise ample sums — shows however feverish investors stay astir AI, particularly regarding those poised to disrupt bequest SaaS players similar NetSuite. Though reports of a SaaSpocalypse mightiness beryllium overplayed, fume so hints astatine a fire.

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