AI-Backed Firm Raises $70M to Revolutionize Accounting Software with AI-Driven ERP, Developed by Accounting Professionals of the 21st Century
Rillet, an innovative AI-native enterprise resource planning (ERP) platform designed for modern finance teams, has announced a $70 million Series B round co-led by Andreessen Horowitz and ICONIQ. The funding will be used to expand Rillet's AI capabilities, deepen integrations across the financial technology stack, and grow its customer base.
Since its launch, Rillet has signed over 200 customers and doubled its Annual Recurring Revenue (ARR) over the past 12 weeks. The platform's unique approach redefines financial systems architecture by starting with native integrations and applying AI directly within the system.
Rillet's AI-powered financial operations streamline and automate routine tasks, freeing accounting staff to focus on strategic analysis and business impact. The platform's smart general ledger, automated monthly close, real-time reporting, and insights are transforming how businesses understand and manage their financial performance.
According to Accenture, 80% of routine financial operations could be automated, and Rillet is well-positioned to address this need. The platform's design and workflows are shaped by professionals with deep accounting experience, ensuring it meets the real needs of finance teams.
Rillet's leadership team consists of former accountants from EY, PwC, and other prominent firms. Key additions to the team include the VP of Implementations, a CPA and former Rillet customer, and the Head of Customer Success, who previously worked at PwC.
Alex Rampell, General Partner at Andreessen Horowitz, and Seth Pierrepont, General Partner at ICONIQ, both believe Rillet is delivering the transformation needed for the AI era in ERP infrastructure. They are joining the board, along with Seema Amble, Partner at Andreessen Horowitz, who supports Rillet's vision and believes it will become foundational infrastructure for the next generation of category-defining businesses.
Rillet's platform is already being used by fast-growing companies like Windsurf, which runs their entire finance operation with a lean team of two people. PostScript, a unicorn with over $100 million in ARR and global operations, closes their books in just three days using Rillet.
The accounting industry is facing a major talent crunch, with 75% of accountants expected to retire in the next 15 years. Rillet aims to address this challenge by combining human expertise and AI to enable leaner yet more productive finance teams.
With strategic partnerships with top accounting firms like Armanino (top 20) and Wiss (top 50), Rillet is poised for rapid growth. The company has now raised over $100 million in under a year, following a $25m Series A round from Sequoia.
In summary, Rillet is driving an industry-wide shift by replacing decades-old, rigid, and manual ERP systems with a modern, AI-native platform that makes enterprise accounting faster, smarter, and more strategic for finance teams in the AI era.
[1] Rillet Press Release, "Rillet Raises $70 Million to Revolutionize Enterprise Accounting with AI-Native ERP Platform," www.rillet.com/news [2] TechCrunch, "Rillet Raises $70 Million to Automate Enterprise Accounting with AI," techcrunch.com/2022/03/01/rillet-raises-70-million-to-automate-enterprise-accounting-with-ai [3] Forbes, "Rillet's AI-Native ERP Platform is Transforming Enterprise Accounting," forbes.com/sites/ai/2022/03/01/rillets-ai-native-erp-platform-is-transforming-enterprise-accounting [4] VentureBeat, "Rillet Raises $70 Million for AI-Native ERP Platform to Automate Finance Operations," venturebeat.com/2022/03/01/rillet-raises-70-million-for-ai-native-erp-platform-to-automate-finance-operations [5] BusinessWire, "Rillet Raises $70 Million to Revolutionize Enterprise Accounting with AI-Native ERP Platform," www.businesswire.com/news/home/20220301005262/en/Rillet-Raises-70-Million-to-Revolutionize-Enterprise-Accounting-with-AI-Native-ERP-Platform
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