Rillet secures $100 million at a $1 billion valuation to integrate AI agents into the general ledger.

      Rillet, a startup focused on reinventing corporate accounting with AI, has secured $100 million at a $1 billion valuation, officially marking it as the latest AI unicorn. The Series C funding round was led by ICONIQ, according to an exclusive report from Fortune by Nick Lichtenberg. This is Rillet’s third funding round in 14 months.

      The investors include notable names in AI funding. Returning backers such as Sequoia, Andreessen Horowitz, and Oak HC/FT participated, while new participants include Bain Capital Ventures, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum. With this round, total funding exceeds $200 million, and Seth Pierrepont, a general partner at ICONIQ, will join the board.

      Rillet offers what it describes as an AI-native ERP, which is the software that manages a company’s finances. Founded in 2021 by Nicolas Kopp and Stelios Modes, the company publicly launched in August 2024, according to Tech Funding News. Modes, the chief technology officer, previously led the US operations of the German neobank N26. The startup claims to have finished its first year with 100 clients and subsequently raised its Series A and B rounds just ten weeks apart.

      The company targets established players in the market. Kopp contends that legacy systems from Oracle, SAP, Workday, Microsoft, and NetSuite belong to a previous era before AI. He explains these systems were designed for human input and verification. In contrast, Rillet identifies itself as “agent-first,” with its AI agents performing numerous operations simultaneously within a real-time general ledger, allowing accountants to review instead of manually enter data.

      Kopp articulated the transition bluntly: “For the last two decades, the ERP has been treated as a system of record, a place to store what already happened. In the AI era, it must evolve into the operating layer for what happens next.” He emphasizes that finance agents must engage within the general ledger rather than merely extracting data from it.

      Rillet's growth is notable. It doubled its new annual recurring revenue in the three months leading to the funding round and now serves over 600 customers, experiencing approximately 70 percent month-on-month growth in agent activity. These customers include AI companies like Neuralink, Skild AI, and Mercor, along with public businesses, with about 40 percent operating outside the tech sector, spanning areas from waste recycling to film production.

      One significant example in their sales pitch is Mercor, which utilizes Rillet’s agents to manage a business surpassing $2 billion in annual recurring revenue with only three finance team members. Pierrepont reiterated this aspect in the funding announcement, noting that customers are “multibillion-dollar businesses operating with finance teams a tenth the traditional size, closing their books continuously.”

      Kopp clarified the implications for employment, stating, “Our message is not that we’re coming after jobs. That’s just not correct,” underlining that accounting skills remain central to their product. He expressed the objective is to relieve finance leaders from tedious spreadsheet tasks, highlighting the struggles CFOs face in maintaining work-life balance. This message is accompanied by a sharper assertion regarding workforce efficiency. Kopp argues that controllers will spend less time on reconciliation and focus more on strategic efforts, leaving it to the audience to reconcile the two claims of fewer personnel yet no job losses.

      Kopp attributes the rapid pace of change to recent improvements in technology. He described accounting as a “traditionally a very old, stodgy category,” observing that tasks that once required a full day can now be completed within minutes. “Especially in the last six months, things started lighting on fire in a good way,” he remarked.

      He also views the dwindling accounting workforce as an opportunity. The U.S. has 340,000 fewer accountants compared to five years ago, according to Kopp, who asserts AI agents could help address this deficit. He noted that people are not leaving the profession due to AI but rather because the work is monotonous.

      Rillet has bolstered its sales initiatives with credibility by forming an alliance with EY earlier this year and claims partnerships with over half of the top 20 CPA firms listed by Accounting Today, including KPMG and RSM, as reported by Tech Funding News. This is crucial for a product seeking to gain the trust of larger companies.

      Rillet is not alone in pursuing this transformation, as startups like Campfire, founded in 2023 with approximately $100 million raised from Accel and Ribbit, present themselves as modern alternatives to NetSuite. Other companies, such as Puzzle and Digits, focus on simpler bookkeeping solutions for smaller businesses, while Rillet aims to cater to more complex clients, including public companies.

      A broader trend of “QuickBooks challengers” with billion-dollar valuations has also been noted. The potential is significant, as the global ERP software market was valued at $92.6 billion in 2025, growing