Key takeout
- AI Startup Rillet raises a $70 million Series B to convert ERPs for SaaS companies, with A16Z and ICONIQ in favour of automated first counting tools.
- This follows Rillet's $25 million Series A in May, led by Sequoia Capital.
AI startup RILLET rethinks ERP (Enterprise Resource Planning) using automation-first accounting tools for SaaS and High-Growth companies, raising $70 million in Series B funding co-led by Andreessen Horowitz (A16Z) and IconiQ.
This will bring Rillet's total funding to over $100 million in less than a year. Iconiq general partner Seth Pierrepont and A16Z general partner Alex Rampell are on the company's board of directors.
The latest round is based on Rillet's $25 million Series A in May, led by Sequoia Capital, which aims to bring AI to mid-market accounting.
Since its launch in 2024, the San Francisco-based company has signed over 200 customers, doubled its annual recurring revenue over the past 12 weeks and formed partnerships with top accounting companies such as Almanino and WISS.
“The finance team deserves the benefits of the same AI that revolutionized sales, engineering and legally,” Rampell said in a statement.
Rillet's platform will close businesses like Postscript, a $100 million unicorn, in just three days, or close Windsurf, which runs full financial operations with a team of leans.
Approximately 75% of accountants are expected to retire in the next 15 years, causing a talent shortage. Accenture estimates that 80% of its daily financial operations can be automated.
“In our view, Rillet not only modernizes accounting software, but also redefines what financial teams can achieve when they are freed from old systems,” Pierrepont said. “Their AI-Native approach can give businesses a clear advantage: faster insights, slimmer teams, smarter decisions. We believe Lillet will become the foundational infrastructure for the next generation of category-defined business.”
