Rillet raised $100 million in a Series C funding round at a valuation of $1 billion. ICONIQ led the round, with participation from Sequoia, Andreessen Horowitz, Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum.
The new investment brings Rillet’s total funding to more than $200 million. Seth Pierrepont, a partner at ICONIQ, also joined the company’s board of directors. This is the third round Rillet has completed in roughly a year.
An AI-Powered Finance Platform
Rillet is developing an enterprise resource planning platform aimed at finance teams. The platform automatically and continuously collects financial data from sources such as Salesforce and Brex, then consolidates it into a real-time general ledger.
AI agents then carry out various processes within the accounting policies and controls adopted by finance teams. Employees can review and approve completed processes and access audit trails, rather than leaving agents to operate separately from core financial systems of record.
The company describes this model as an “agentic financial operations layer,” in which finance professionals and AI agents work with the same data while keeping review and approval within the financial workflow.
Funding and Product Expansion
Rillet plans to direct the investment toward developing products that enable AI agents to take on more complex financial tasks, as well as bringing the platform to new sectors. The company emerged from stealth in 2024, then announced a $70 million Series B round led by ICONIQ and Andreessen Horowitz during the past year, following a $25 million Series A led by Sequoia.
Rillet says its new annual recurring revenue doubled over the past three months and that its customer count has surpassed 600 companies. The customers mentioned include Mercor, Function Health, and Temporal. The company is also expanding beyond the technology and AI sectors into areas including biotechnology, healthcare, fintech, logistics, and professional services.
Why Does This Funding Matter?
The round reflects Rillet’s shift from developing an AI-powered finance platform to attempting to build an operations layer in which agents execute processes within the ledger itself, while keeping human review and audit trails as part of the process. According to the company’s announcements, growth in customers and revenue points to expanding use across multiple sectors, while its collaboration with EY and formal relationships with more than half of the 20 largest accounting firms, according to Accounting Today’s ranking, could help accelerate access to new finance teams and institutions.
Nicolas Kopp, Rillet’s CEO and co-founder, said the round closed in less than 48 hours. He added that the company had not initially planned a new round, but customer and revenue growth, along with its partnership with EY in financial transformation, accelerated investor interest.