AI accounting startup Rillet has raised a $100 million Series C funding round at a $1 billion valuation, just two years after emerging from stealth in 2024. The round, led by Iconiq with returning investors Andreessen Horowitz and Sequoia, underscores continued investor enthusiasm for AI startups aiming to disrupt established enterprise software providers such as NetSuite, and highlights how quickly such companies can now attract large sums of capital.

Rillet's software uses AI to help finance teams manage company accounts, including automatically and continuously pulling data from sources such as Salesforce and Brex. The company says it now has more than 600 customers and has doubled its annual recurring revenue in the past three months, aided by a new alliance with EY. Co-founder and chief executive Nicolas Kopp said the round came together in under 48 hours despite the company not having planned to raise funds. Rillet has now raised more than $200 million in total, having previously secured a $70 million Series B and a $25 million Series A.