Key Takeaways
- AI startup Rillet raises $70M Series B to transform ERP for SaaS firms, with a16z and ICONIQ backing its automation-first accounting tools.
- This follows Rillet’s $25 million Series A in May, led by Sequoia Capital.
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Rillet, an AI startup reimagining ERP (enterprise resource planning) with automation-first accounting tools for SaaS and high-growth companies, has raised $70 million in Series B funding co-led by Andreessen Horowitz (a16z) and ICONIQ, the company announced Wednesday.
This brings Rillet’s total funding to over $100 million in under a year. Seth Pierrepont, General Partner of ICONIQ, and Alex Rampell, General Partner of a16z, are joining the company’s board.
The latest round builds on Rillet’s $25 million Series A in May, led by Sequoia Capital, which aimed to bring AI into mid-market accounting.
Since its launch in 2024, the San Francisco-based company has signed over 200 customers and doubled its annual recurring revenue in the past 12 weeks, while forming partnerships with top accounting firms including Armanino and Wiss.
“Finance teams deserve the same AI advantages that have revolutionized sales, engineering, and legal,” said Rampell in a statement.
Rillet’s platform powers companies like PostScript, an ARR $100 million unicorn, to close their books in just three days, or Windsurf, which runs its full finance operations with a lean two-person team.
Approximately 75% of accountants are expected to retire in the next 15 years, causing a talent shortage. Accenture estimates that 80% of routine financial operations could be automated.
“In our view, Rillet is not just modernizing accounting software, it’s redefining what finance teams can achieve when freed from outdated systems,” said Pierrepont. “Their AI-native approach can give companies a clear edge: faster insights, leaner teams, and smarter decisions. We believe Rillet will become foundational infrastructure for the next generation of category-defining businesses.”
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