- The AI ERP system Rillet, designed to replace existing systems such as NetSuite and SAP, has raised $100 million in a funding round led by ICONIQ, achieving a post-money valuation of $1 billion.
- This is the third financing round the company has had in the last year, bringing its total financing to over $200 million since it became publicly available in 2024.
- The company Mercor alone is said to earn more than $2 billion in annual recurring revenue, with only a three-member finance team, thanks to the AI agents developed by Rillet.
The AI-native enterprise resource planning platform Rillet, designed to replace existing accounting systems, has raised $100 million in its Series C round at a $1 billion valuation, led by ICONIQ.
Among the other investors are Sequoia Capital, Andreessen Horowitz, Oak HC/FT, Bain Capital Ventures, Sequoia Global Equities, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum.
Following its most recent funding round, Rillet’s annual recurring revenue was reported to have doubled every quarter, and then doubled again in the three months prior to this round. The company now counts more than 600 customers, comprising public companies and rapidly growing AI firms such as Neuralink, Skild AI, and Mercor, as well as non-technology businesses.
Building the general ledger from the ground up
Nicolas Kopp founded Rillet in 2021 together with Stelios Modes, the company’s chief technical officer, who previously served as the US CEO of the German neobank N26. Kopp has stated that the experience he gained as a bank executive, during which he frequently had to wait weeks for important business metrics from obsolete finance systems, was the reason for the establishment of Rillet’s mission.
Rillet has its headquarters in New York and also maintains offices in San Francisco and Barcelona, and had an employee count of about 200 by mid-2026.
The startup made its public launch in 2024 and is using AI to rebuild the general ledger from scratch rather than just adding automation to the existing systems. The older ERPs, such as NetSuite, SAP, Workday, Oracle Fusion, and Microsoft’s Great Plains, were conceived as static databases that required manual data entry and inspection. As a result, finance teams are often forced to use spreadsheets.
The company states that Rillet was developed on an “agent-first” basis, meaning its AI systems carry out hundreds of tasks simultaneously so that accountants can examine transactions rather than enter them by hand.
The postscript, generating over $100 million in annual recurring revenue, will finalise its books in three days thanks to Rillet, and the AI coding company Windsurf has handled all of its financial matters with a team of just two people.
Rillet is not alone in targeting this shift
Campfire, a San Francisco-based company established in 2023, has raised approximately $100 million from Accel and Ribbit and describes itself as a “modern version of NetSuite” for mid-market and enterprise businesses. Other tools, such as Puzzle and Digits, provide simpler bookkeeping solutions for smaller, early-stage startups.
Unlike rivals, Rillet focuses on more complicated markets, such as those involving public companies and detailed revenue models, which older vendors have been handling for years. The company has established its position through partnerships in the accounting industry, including the one with EY announced earlier this year, as well as collaborations with KPMG and RSM.
In 2025, the global ERP software market was valued at $92.6 billion and grew at a compound annual rate of around 13%, and is expected to amount to $106 billion by 2026.
ICONIQ general partner Seth Pierrepont, who is joining Rillet’s board and has invested in DeepL, ElevenLabs, Monzo, and Pigment, said: “Rillet is the clear leader in AI-native accounting infrastructure. What stands out is how customers actually run on it, multibillion-dollar businesses operating with finance teams a tenth the traditional size, closing their books continuously.”
Rillet is part of a new wave of AI companies, alongside a number of those featured in Tech Funding News’ list of fintech startups that became unicorns in 2026. This demonstrates how rapidly traditional software sectors can evolve.
It is not yet clear whether this momentum will be sufficient to displace existing companies, since finance departments tend to be slow to change, or whether it will merely draw in the latest startups before those, too, become established.
