Rillet secured a $100 million Series C at a $1 billion valuation led by ICONIQ, marking its third raise in 14 months and elevating the AI native accounting ERP to unicorn status with over 600 customers.
Rillet, the AI native ERP platform for finance teams, raised a $100 million Series C at a $1 billion valuation, achieving unicorn status roughly two years after public launch. ICONIQ led the round, with participation from existing investors Sequoia Capital, Andreessen Horowitz, Oak HC/FT, and Creandum, plus new backers including Sequoia Global Equities, Bain Capital Ventures, Battery Ventures, FirstMark, and Scale Venture Partners. ICONIQ General Partner Seth Pierrepont joined the board. This is the company’s third raise in approximately 14 months and brings total funding to more than $200 million.
Rillet’s capital trajectory has been exceptionally rapid:
- Seed/pre seed: ~$13.5 million (2024, First Round Capital, Creandum, Susa Ventures and others).
- Series A: $25 million led by Sequoia (May 2025).
- Series B: $70 million co-led by Andreessen Horowitz and ICONIQ (August 2025), just 10 weeks after the Series A, bringing cumulative funding over $100 million in under a year.
- Series C: $100 million at $1 billion valuation (August 2026).
The Series C was not planned. According to CEO and co-founder Nicolas Kopp, new ARR doubled in the prior quarter and the customer base crossed 600, prompting the round to come together in under 48 hours. AI agent usage on the platform is growing roughly 70% month over month.
What is Rillet?
Founded in 2021 by Nicolas Kopp (CEO; former U.S. CEO of neobank N26, with prior roles at Morgan Stanley, Lazard, and Goldman Sachs) and Stelios Modes (CTO; former ThoughtWorks lead engineer and Shazam/Playfish engineer with a background in scalable systems), Rillet came out of stealth around August 2024. The team includes more than 50 CPAs from Big Four firms and operators from legacy ERP companies. It positions itself as an AI native ERP built from the ground up rather than legacy software with AI features bolted on.
Core architecture centers on a real time/perpetual general ledger, continuous (including “zero day”) close, native integrations (Stripe, Ramp, Salesforce, Brex, Rippling, and thousands more), multi entity/multi currency support, advanced revenue recognition (including ASC 606), and embedded AI agents (branded Aura). Agents operate directly inside the ledger with full context, shared policies/controls, human approval workflows, and complete audit trails. The goal is an agentic operating layer for finance in which people and AI agents collaborate on the same continuously updated financial truth, rather than agents sitting on top of outdated systems of record.
Rillet targets mid market to enterprise and public companies that have outgrown lighter tools or are replacing Oracle Fusion, SAP, Workday, Microsoft Great Plains, NetSuite, and similar systems. It emphasizes explainable, controllable automation rather than black box replacement of accountants.
Traction and Customers
- More than 600 customers (up from ~200 at Series B and ~100 in the first year post launch), spanning 60 countries.
- Roughly 40% of the base is now outside pure tech/AI, including biotech, healthcare, fintech, logistics, professional services, waste recycling, and film studios.
- Notable customers include Mercor (scaling past $2 billion ARR with a three person finance team using Rillet agents), Neuralink, Skild AI, Function Health, Temporal, Postscript (>$100 million ARR, closes books in three days across multiple entities), Windsurf, and others.
- Partnerships: Alliance with EY for AI native finance transformation (2026); official partnerships with more than half of the Accounting Today top 20 CPA firms (including earlier ties to Armanino, Wiss, KPMG, RSM).
- G2 rating of 5.0; claims of high automation rates (e.g., large shares of journal entries booked automatically) and significant reductions in close times.
Exact current ARR is not publicly disclosed beyond the repeated doubling of new ARR in successive periods (quarterly doubling into the Series B period and again in the three months before Series C). Earlier third party estimates placed 2025 revenue in the low to mid single digit millions of dollars, consistent with hyper growth from a small base.
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Proceeds accelerate development of “Accounting Superintelligence”, deeper agentic capabilities that allow finance teams and AI to run operations together 24/7 in real time, while expanding go to market, customer success, and vertical penetration beyond initial tech/AI strongholds. Kopp frames the ERP shift from a passive system of record to an active operating harness for the AI era. The company stresses augmentation of finance professionals (freeing CFOs from spreadsheet drudgery and enabling smaller teams to support much larger businesses) rather than pure job displacement.
Accounting/ERP is a large, sticky category long dominated by systems designed decades ago for human data entry and batch processing. Rillet’s thesis is that true agentic finance requires the AI layer to live inside a modern, real time ledger with shared controls and auditability, something legacy platforms and pure play AI overlays struggle to deliver. By combining domain expertise (accountants building for accountants), rapid product iteration, and elite investor support, Rillet has positioned itself as a category creator in AI native finance infrastructure.
The valuation and investor quality (top tier AI/enterprise funds doubling down repeatedly) reflect belief that the combination of product traction, customer outcomes (lean teams supporting multi billion dollar businesses), and timing in the agentic AI wave justifies premium pricing. Risks inherent to the space, long sales cycles for ERP replacements, regulatory/audit requirements, competition from incumbents adding AI, and execution on continuous product and go to market expansion, remain, but the company’s demonstrated velocity and reference customers provide strong counterweights.
The $100 million Series C crystallizes Rillet’s transition from high growth early stage startup to scaled unicorn contender, funded to deepen its agentic platform and broaden its footprint as enterprises seek real time, AI augmented finance operations.
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