AI-native accounting platform Rillet closed a $100 million Series C just 48 hours after its board reviewed growth metrics that showed annualized revenue doubling in a single quarter. The raise values the company at $1 billion, bringing total funding to $300 million from backers including ICONIQ, Andreessen Horowitz, and Sequoia.
Rillet’s 600 customers—many of them public companies—are replacing legacy systems like Oracle and NetSuite, with half migrating from Intuit and 30% from NetSuite or Sage Intacct. A new alliance with EY integrates Rillet’s AI tools into auditing workflows, while a governance feature lets accountants audit every AI decision in real time.
Security remains a priority: clients can route requests to preferred models like OpenAI or Anthropic, and Rillet’s system prevents those models from training on customer data. Despite industry concerns, Rillet’s CEO insists the platform augments rather than replaces human accountants, pointing to a projected 5% growth in accounting jobs through 2034.
