- AI-native accounting platform Rillet raised a $100 million Series C led by Iconiq Growth at a $1 billion valuation, becoming a unicorn.
- Rillet has amassed 600 customers since emerging from stealth two years ago, with about 50% coming from Intuit, 30% from NetSuite and Sage Intacct, and 20% from Oracle, SAP, Workday, and Microsoft products.
- Rillet’s annualized revenue rate doubled in the last quarter, and it added new clients including public companies, as well as an alliance with EY.
- Rillet’s platform is built for AI agents, includes model routing so customers can choose foundational models like OpenAI or Anthropic, and prevents training on customer data.
- About three months ago, Rillet released a governance feature that lets accountants see and audit every decision made by the AI agent.
The funding round catapults Rillet to unicorn status, highlighting AI’s potential in accounting and possibly accelerating enterprise migration from legacy accounting software.
The article relies primarily on self-reported data from Rillet and its investors; independent verification of customer counts and revenue figures is not provided.