Rillet Raises $70M Series B After $25M Series A

Rillet, an AI-native ERP startup, has raised $70 million in a Series B funding round co-led by Andreessen Horowitz and ICONIQ, just weeks after closing a $25 million Series A led by Sequoia Capital. The new funding brings Rillet’s total raised to over $100 million within a year and reportedly values the Palo Alto-based company at around $500 million. Rillet's platform automates key accounting workflows for over 200 high-growth clients, allowing finance teams to close books faster and operate more efficiently. The company has doubled its annual recurring revenue in the past 12 weeks and has established partnerships with major accounting firms such as Armanino and Wiss. Rillet's AI-first approach aims to replace legacy ERP systems dominated by Oracle and Microsoft, offering real-time insights and streamlined workflows. The Series B investment will support accelerated product development, team growth, and deeper integrations, with board seats filled by general partners from Andreessen Horowitz and ICONIQ.