AI Accounting Startup Rillet Raises $100 Million at $1 Billion Valuation
Series C round values AI-native accounting platform at $1 billion
Rillet has raised $100 million in a Series C funding round. The transaction values the two-year-old accounting startup at $1 billion.
The round, led by ICONIQ with participation from returning backers Sequoia Capital, Andreessen Horowitz and Oak HC/FT, plus new investors including Bain Capital Ventures, Battery Ventures, FirstMark, Scale Venture Partners and Creandum, marks Rillet’s third fundraise in the past year and pushes its total funding past $200 million. ICONIQ general partner Seth Pierrepont remains on Rillet’s board.
According to the American Institute of Certified Public Accountants 2023 Trends report, enrollment in U.S. accounting programs has declined. The number of students graduating with bachelor’s degrees in accounting decreased by 7.8% during the 2021-2022 academic year.
Data from the U.S. Bureau of Labor Statistics shows that more than 300,000 accountants and auditors left their professions between 2019 and 2022. This represents a 17% decline in the total number of employed accountants in the United States.
Rillet’s pitch to the market is direct: Legacy enterprise resource planning systems—Oracle Fusion, SAP, Workday, Microsoft’s Great Plains and NetSuite among them—were built for a pre-AI era, and are increasingly vulnerable to a challenger built from scratch around artificial intelligence.
Autonomous AI agents run accounting operations on the platform in parallel. The system is designed to execute manual book-closing tasks and generate a complete audit trail automatically.
More than 600 customers currently use the platform. These clients include Neuralink, Skild AI, and Mercor. Approximately 40% of the customer base consists of non-technology businesses, including waste recycling operations and movie production studios.
Mercor uses Rillet’s platform to manage its accounting processes. The company scales past $2 billion in annual recurring revenue with a finance team of three people.
To support its expansion, Rillet formed an alliance with EY earlier this year. The company also partners with more than half of the top 20 certified public accounting firms ranked by Accounting Today.
