Rillet reaches $1 billion valuation with $100 million Series C

AI-native enterprise resource planning (ERP) startup Rillet has raised $100 million in a Series C funding round, bringing its total funding to over $200 million and its valuation to $1 billion. The round was led by ICONIQ, with participation from several major venture capital firms including Sequoia Capital, Andreessen Horowitz, Bain Capital Ventures, and Oak HC/FT.

Rillet aims to transform the ERP from a passive system of record into an active operating environment. Its platform utilizes AI agents to perform complex financial tasks, such as general ledger maintenance and financial reporting, directly within the system. This approach is intended to automate manual workflows and reduce the reliance on spreadsheets and legacy systems like Oracle Fusion, SAP, Workday, and NetSuite.

The company reported significant commercial growth, noting that its new annual recurring revenue doubled in the three months prior to the funding. Rillet currently serves more than 600 customers, including technology and AI companies such as Mercor, Temporal, and Neuralink. The company plans to use the new capital to expand its agentic finance platform across various industries, including biotechnology, healthcare, fintech, and logistics.