Rillet, a San Francisco startup building an AI-native general ledger for finance teams, has raised a $100 million Series C at a $1 billion valuation, the company said this week, joining the small club of enterprise software startups to reach unicorn status roughly two years after emerging from stealth. Iconiq led the round, with returning backers Andreessen Horowitz and Sequoia also participating, according to TechCrunch, which first reported the deal.
Rillet's platform is designed to automate the bookkeeping work traditionally done by corporate accounting teams, pulling data automatically from systems such as Salesforce and Brex and using AI to close a company's books faster. Founder and CEO Nicolas Kopp has pitched the product as reimagining the general ledger — the core record of a company's financial transactions — as an active operating system for a finance department rather than a static system of record.
The company said it now serves more than 600 customers and has doubled its annual recurring revenue over just the past three months, a growth rate that helped the new round come together in less than 48 hours, according to Rillet's own announcement. The startup also pointed to an accounting partnership with EY announced in April as evidence of traction with larger enterprise customers.
A year ago, we backed a bold vision for Rillet: that the general ledger could become more than a system of record and instead the operating system for finance. That vision is now reality.
Seth Pierrepont, General Partner, Iconiq
The new round follows a $70 million Series B in 2025 led by Iconiq and Andreessen Horowitz, and a $25 million Series A led by Sequoia before that, bringing Rillet's total funding to more than $200 million. The raise lands amid a broader wave of venture money flowing into AI-powered finance and accounting tools this month, as investors bet that back-office software — long seen as unglamorous compared with consumer AI — is one of the clearer near-term places for AI to cut costs at large companies.