Accounting software pioneer Rillet secures $70M investment to develop AI-integrated ERP system, a modern replacement for century-old accounting software, designed and led by accounting professionals.
Rillet, a revolutionary AI-native Enterprise Resource Planning (ERP) platform, has secured a significant $70 million Series B round of funding, co-led by Andreessen Horowitz and ICONIQ. This investment underscores market confidence in Rillet's vision to redefine enterprise accounting infrastructure for the AI era.
The accounting industry is facing a major talent crunch, with 75% of accountants projected to retire within the next 15 years. Recognising this challenge, Rillet's AI-native design aims to automate up to 80% of routine accounting operations, freeing finance teams from manual data entry and repetitive tasks.
Rillet's AI capabilities include anomaly detection, automated data entry, bank reconciliations, accounts payable/receivable management, and multi-entity financial operations. The platform is tailored for industries like financial services, healthcare, and e-commerce, offering advanced compliance and optimization features.
The platform's AI-native design allows for the automation of complex accounting tasks, such as monthly financial close processes, audit preparation, and real-time board deck generation, directly within the platform. This results in real-time financial reporting, drastically reducing delays typically caused by manual workflows and traditional batch reporting cycles.
Alex Rampell from Andreessen Horowitz and Seth Pierrepont from ICONIQ are joining the board as a result of the funding. The investment will accelerate the company's mission to rebuild enterprise accounting from the ground up. Rillet has now raised over $100 million in under a year, following a $25m Series A round from Sequoia.
Rillet has formed strategic partnerships with top accounting firms like Armanino (top 20) and Wiss (top 50). The platform's success is evident, with several customers expected to go public on the platform in the next 6-12 months, signaling the first major shift in years in how companies run and win with finance.
Notable customers include 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.
Rillet's leadership team consists of former accountants from EY, PwC, and other organisations. Seema Amble, also from Andreessen Horowitz, added that Rillet is rebuilding ERP infrastructure specifically for the AI era. According to Seth Pierrepont, General Partner at ICONIQ, Rillet's AI-native approach can give companies a clear edge in terms of faster insights, leaner teams, and smarter decisions.
Rillet is creating a new platform shift in how humans and AI work together in finance, transforming the way finance teams operate. The company plans to expand its AI capabilities and deepen integrations across the financial technology stack, with a vision to build a collaborative platform where AI agents and human expertise work together to transform how businesses understand and manage their financial performance.
Since launch, Rillet has signed over 200 customers and doubled its Annual Recurring Revenue (ARR) over the past 12 weeks. The funding round includes participation from Sequoia, Oak HC/FT, and earlier investors. As Rillet continues to grow and evolve, it is poised to redefine enterprise accounting, automating and streamlining workflows, providing real-time insights, reducing manpower needs, and enabling finance teams to move beyond traditional manual processes towards strategic, data-driven finance management.
Financial infrastructure of Rillet, a AI-native ERP platform, is set to revolutionize the industry, particularly in financial services, healthcare, and e-commerce, by offering advanced automation and compliance features for investing and business operations. The AI-native design of this platform, which includes anomaly detection, automated data entry, and real-time financial reporting, aims to address the upcoming talent crunch in the accounting industry by reducing the need for manual work and freeing finance teams for strategic, data-driven finance management.
