TLDR: Rillet, an AI-native ERP platform for finance teams, has successfully raised $70 million in a Series B funding round, co-led by Andreessen Horowitz and ICONIQ Capital. This brings their total funding to over $100 million in less than a year. The company aims to disrupt traditional accounting systems by embedding AI and machine learning for real-time automation, enabling faster book closures and more efficient financial operations.
Rillet, a pioneering AI-native Enterprise Resource Planning (ERP) platform tailored for modern finance teams, announced today the successful closure of a $70 million Series B funding round. This significant investment was co-led by prominent venture capital firms Andreessen Horowitz and ICONIQ Capital, elevating Rillet’s total funding to over $100 million in under a year. As part of this strategic investment, Alex Rampell from Andreessen Horowitz and Seth Pierrepont from ICONIQ Capital will join Rillet’s board of directors, signaling a strong vote of confidence in the company’s trajectory.
The latest funding round follows closely on the heels of a $25 million Series A round led by Sequoia just ten weeks prior, underscoring the rapid traction and market demand for Rillet’s innovative solution. Since its launch in 2024, Rillet has quickly amassed over 200 customers and has impressively doubled its annual recurring revenue (ARR) in the last 12 weeks. The company has also forged strategic partnerships with leading U.S. accounting firms, including Armanino and Wiss, further solidifying its credibility and market penetration.
Rillet’s core mission is to fundamentally redesign enterprise accounting by addressing the limitations of traditional ERP systems, which are often described as ‘dumb databases.’ These legacy systems typically accumulate transaction data but necessitate external tools and spreadsheets for comprehensive analytics and reconciliation. Rillet disrupts this model by integrating machine learning and artificial intelligence directly into its core architecture.
The platform natively ingests structured financial data—such as invoices, payments, CRM information, and banking transactions—into a ‘smart general ledger.’ This intelligent system automates critical financial workflows, including journal entries, reconciliations, revenue recognition, and investor reporting, all within a unified environment. By embedding automation into the system’s fabric rather than layering it on, Rillet achieves real-time processing capabilities. This allows finance teams to collaborate live, close their books in days instead of weeks (with customers like PostScript reporting closures in just three days), and gain instant insights as financial events occur, rather than in retrospect. Companies like Windsurf have demonstrated the platform’s efficiency, managing their finance operations with a lean two-person team.
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Rillet was founded by Nicolas Kopp, former U.S. CEO of N26, and Stelios Modes, the technical architect behind N26’s payment infrastructure. Their combined expertise in finance and engineering has been instrumental in building a platform designed with deep industry understanding at its foundation.
