Accounting software from the 20th century gets replaced with an AI-powered ERP system, as Rillet secures $70 million in funding, developed by accountants themselves.
In a significant move for the accounting industry, AI-native ERP platform Rillet has announced a $70 million Series B round, co-led by Andreessen Horowitz and ICONIQ. This latest funding brings Rillet's total raised to over $100 million in under a year.
The funding round includes participation from Sequoia, Oak HC/FT, and earlier investors. Notable investors Alex Rampell from Andreessen Horowitz and Seth Pierrepont from ICONIQ are joining the board, further bolstering Rillet's leadership team.
The accounting industry is facing a major talent crunch, with 75% of accountants expected to retire in the next 15 years. Rillet's AI-native approach, as expressed by Seth Pierrepont, General Partner at ICONIQ, can give companies a clear edge: faster insights, leaner teams, and smarter decisions.
Rillet's Automation and AI-Centric Approach
Rillet automates financial workflows by combining a modern general ledger with specialized AI agents that actively manage operations such as bank reconciliations, AR/AP workflows, cash forecasting, and multi-entity consolidations. Its unique features compared to legacy ERPs include:
- AI-native design: Unlike traditional ERPs (e.g., NetSuite, Intacct) that are static systems of record, Rillet is built as a system of action to actively manage financial operations using AI copilots that synthesize data and automate tasks without generating inaccurate figures.
- Real-time visibility and reporting: Provides a real-time general ledger with zero-day close capabilities and supports unlimited tracking categories for sophisticated GAAP and investor reporting across multiple entities and currencies.
- Multi-entity and multi-currency automation: Seamlessly automates consolidations, currency revaluations, and intercompany journals with easy switching between subsidiary and consolidated views.
- AI co-pilot interaction: Finance teams can "speak human" to the system for quick insights and self-serve answers without interrupting workflows. Tasks like bank reconciliation, flux analysis, and transaction coding are automatically run, shifting focus from manual work to strategic insights.
- Built by accountants for finance teams: The platform is designed by former finance professionals who understand pain points in accounting workflows, differing from legacy systems developed without deep domain expertise.
- Scalability for modern businesses: Designed to support high-growth, tech-forward companies aiming to scale from startup to IPO with AI-native infrastructure.
Rillet's Success Stories
Rillet has already proven its value with notable customers like Windsurf, one of the fastest-growing companies, which runs their entire finance operation with a lean team of two people using Rillet. PostScript, a unicorn with over $100 million in ARR and global operations, closes their books in just three days using Rillet. Several customers are expected to go public on Rillet's platform in the next 6-12 months, signaling the first major shift in years in how companies run, and win, with finance.
Strategic Partnerships
Rillet has established strategic partnerships with top accounting firms like Armanino (top 20) and Wiss (top 50), further expanding its reach and offering integrated solutions to its customers.
The team's ultimate vision extends far beyond automation; they're building towards a collaborative platform where AI agents and human expertise work together to transform how businesses understand and manage their financial performance. Rillet plans to expand its AI capabilities and deepen integrations across the financial technology stack.
According to Accenture, 80% of routine financial operations could be automated, and Rillet's AI-centric approach is at the forefront of this shift, offering a transformative, next-generation ERP platform optimized for speed, accuracy, and real-time financial management, addressing longstanding inefficiencies in legacy ERPs. Seema Amble, another Partner at Andreessen Horowitz, expressed excitement about supporting Rillet's vision as they scale to serve the next generation of high-growth companies.
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