AI accounting startup Rillet has raised $100 million in a Series C round that values the company at $1 billion. Iconiq led the financing, with returning investors including Andreessen Horowitz and Sequoia.
Rillet announced the round on Tuesday, less than two years after emerging from stealth. The company has now raised more than $200 million as it expands its AI-powered accounting platform.
Rillet Says ARR Doubled in Three Months
Rillet develops software that uses AI to help finance teams manage accounting workflows and company books. Its platform can continuously pull data from services such as Salesforce and Brex, reducing the amount of manual work required to maintain financial records.
The company says more than 600 businesses now use its platform and that annual recurring revenue doubled during the past three months. Co-founder and CEO Nicolas Kopp said the Series C came together in less than 48 hours, even though Rillet had not initially planned to raise more capital.
Kopp said investor interest increased after several recent developments, including customer growth, higher ARR, and an alliance with EY announced in April. The partnership is designed to combine Rillet’s AI-native finance platform with EY’s finance transformation, risk, and controls services.
Iconiq general partner Seth Pierrepont said the firm originally backed Rillet around the idea that the general ledger could develop beyond a system of record and become a broader operating system for finance. Iconiq also published its own announcement of the investment.
Rillet Has Raised Capital in Rapid Succession
The latest financing follows a $70 million Series B raised in 2025, led by Iconiq and Andreessen Horowitz. Shortly before that round, Rillet announced a $25 million Series A led by Sequoia.
The company has raised those rounds while competing in the enterprise resource planning market, where established providers such as NetSuite already serve finance teams. Rillet is positioning AI automation as a way to replace or reduce manual accounting processes within those systems.
The pace of Rillet’s fundraising also reflects continued investor interest in AI companies targeting established enterprise software categories. Its latest round gives the company a $1 billion valuation as it expands its customer base and accounting automation tools.
Featured image credits: Magnific.com
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