AI accounting startup Rillet has raised $100 million in Series C funding, valuing the company at $1 billion, according to reports from Business Insider and Yahoo Finance. The funding follows $200 million raised over the past year, bringing total funding to over $300 million.
The company’s AI software automates bookkeeping tasks, reducing reliance on traditional Enterprise Resource Planning (ERP) systems such as Oracle Fusion. Rillet’s technology aims to streamline financial management by keeping company books updated in real time as transactions occur, eliminating manual processes like spreadsheet wrangling and system upgrades.
Nicolas Kopp, CEO of Rillet, described the company’s mission as reducing time spent on repetitive tasks. He stated, “The objective function is simple: to reduce the time spent that humans go around clicking buttons in applications.”
Rillet’s growth reflects broader shifts in the consulting industry, where firms are increasingly seeking professionals with technical skills and domain expertise to work with AI and large datasets. As automation handles routine accounting work, consulting roles are evolving to require deeper specialization.
The company, which emerged from stealth two years ago, now serves over 600 public and private customers, including Mercor, Neuralink, Temporal, and Skild AI. 40% of its customer base operates outside the tech and AI sectors, spanning industries such as healthcare, financial services, retail, and biotech.
Rillet has captured half of its customers from legacy ERP systems, including NetSuite, Workday, Oracle Fusion, and Sage Intacct. Its software is positioned as an alternative to decades-old finance software, competing directly with established ERP providers.
The funding round and valuation underscore investor confidence in AI-driven financial automation, as Rillet joins a growing cohort of startups challenging traditional ERP markets. The company’s rapid growth—doubling new annual recurring revenue in the last quarter—signals strong market traction for its AI-native approach.