AI startup Rillet has raised $100 million at a valuation of $1 billion
Rillet, a startup developing an accounting platform with AI agents, has raised $100 million at a valuation of $1 billion. According to the company’s co-founder and CEO, Nicolas Koupa, investors agreed to the round within 48 hours of a board meeting, even though Rillet had not planned to raise new capital. TechCrunch reported this.
The Series C round was led by the investment firm ICONIQ, which had also participated in the startup’s Series B round. Sequoia also reinvested in Rillet, and Andreessen Horowitz is among the company’s other investors. Since emerging from stealth mode two years ago, Rillet has raised a total of $200 million.
At a board meeting, the company presented its growth metrics following the $70 million Series B round held last summer. According to Rillet, its annual revenue growth rate doubled in the last quarter. The startup has also attracted new clients, including public companies, and formed a partnership with EY to implement AI tools within the auditing firm.
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Rillet has about 600 clients, some of whom are moving away from traditional ERP systems and accounting software. According to Kupa, about 50% of clients have switched from Intuit products, 30% from NetSuite and Sage Intacct, and another 20% from Oracle, SAP, Workday, and Microsoft products.
The platform is designed for collaboration between accountants and AI agents. The company states that its tools allow accountants to review and verify the agents’ decisions, including the data they used and how metrics were calculated. Kup also stated that current regulations for public companies require human approval of every transaction performed by an AI agent.
Rillet’s CEO attributes the demand for the product to a shortage of accountants in the U.S. The U.S. Bureau of Labor Statistics projects that demand for accounting professionals will grow by at least 5% by 2034, resulting in the creation of 72,800 jobs. The agency also expects that the automation of routine tasks will strengthen the role of accountants in consulting and analytical work.
