Rillet, an AI-native accounting and ERP startup, raised a $100 million Series C at a $1 billion valuation led by Iconiq, with Andreessen Horowitz and Sequoia also participating, the company said.
The round is Rillet's third in 14 months and pushes its total funding past $200 million, according to Rillet and TechCrunch. The company said it doubled its new annual recurring revenue over the past three months and now serves more than 600 customers, including publicly traded companies.
"For the last two decades, the ERP has been treated as a system of record. ... In the AI era, it has to become the operating layer for what happens next," said Nicolas Kopp, Rillet's chief executive and co-founder. Iconiq general partner Seth Pierrepont, who is joining Rillet's board, said the deal reflects a bet that "the general ledger could become more than a system of record and instead the operating system for finance."
Rillet emerged from stealth in 2024 and previously raised a $70 million Series B from Andreessen Horowitz and Iconiq, according to the company's blog.
A unicorn valuation two years out of stealth, on a doubled-ARR pace, is a reminder that back-office software is one of the categories where AI has produced fast, measurable revenue rather than just usage numbers, which is part of why investors keep funding challengers to incumbent ERP vendors.