Modern Accounting Software Receives $70M Investment for AI-Powered ERP System Developed by Professional Accountants from the 20th Century
Rillet Raises $70 Million in Series B Funding for AI-First ERP Platform
Rillet, an innovative AI-native enterprise resource planning (ERP) platform, has secured $70 million in a Series B funding round co-led by Andreessen Horowitz and ICONIQ. This latest round follows a $25 million Series A round from Sequoia just 10 weeks ago, bringing the total raised by Rillet to over $100 million in under a year.
Alex Rampell and Seth Pierrepont from Andreessen Horowitz and ICONIQ, respectively, are joining the Rillet board as General Partners. Seema Amble from Andreessen Horowitz also expressed her support for Rillet's vision to rebuild ERP infrastructure for the AI era.
Rillet's AI-first platform is designed to revolutionize enterprise accounting by embedding artificial intelligence directly into the core financial workflows, rather than retrofitting legacy systems. The platform offers a modern ledger system integrated with AI-powered automation that enables finance teams to close books in real time, automatically reconcile accounts, generate forecasts and investor reporting, create visual dashboards and board decks, and provide continuous, real-time financial visibility.
The development team behind Rillet boasts deep accounting expertise, with former controllers and CPAs from major firms, ensuring that AI workflows align closely with finance needs. Rillet's approach transforms the financial system into a system of action rather than just a system of record, enabling instant insights and significantly reducing manual effort.
The accounting industry is facing a talent crunch, with 75% of accountants expected to retire in the next 15 years. Rillet's platform is positioned to address this challenge by automating up to 80% of routine tasks, allowing finance teams to focus more on strategic analysis rather than repetitive grunt work.
Rillet's platform has already been adopted by several high-profile companies, including Windsurf, one of the fastest-growing companies, which runs their entire finance operation with a lean team of two people using Rillet. PostScript, a unicorn with over $100 million in ARR and global operations, closes its books in just three days using Rillet.
Strategic partnerships have been formed with top accounting firms like Armanino (top 20) and Wiss (top 50), further solidifying Rillet's position as a transformative force in the accounting industry. Several customers are expected to go public on Rillet's platform in the next 6-12 months, signaling a major shift in how companies run and win with finance.
Rillet's ultimate vision extends beyond automation, building towards a collaborative platform where AI agents and human expertise work together. The company plans to expand its AI capabilities and deepen integrations across the financial technology stack. Rillet is poised to rebuild enterprise accounting from the ground up, enabling finance leaders to scale multi-billion dollar companies with smaller teams.
In summary, Rillet's Series B funding round marks a significant milestone in the company's mission to reshape enterprise accounting by building an AI-first, automated financial platform that accelerates processes, improves accuracy, and liberates finance professionals for higher-value strategic work. This represents a significant shift away from legacy ERPs toward intelligent, real-time financial operations.
The AI-first financial platform developed by Rillet, following their Series B funding, aims to revolutionize investing by automating up to 80% of routine tasks in business, thereby providing finance teams with the freedom to focus on strategic analysis rather than repetitive work. As Rillet plans to expand its AI capabilities and deepen integrations across the financial technology stack, it positions itself as a pioneer in redefining the financial infrastructure for the AI era.
