Rillet, an AI-native enterprise resource planning (ERP) platform for finance teams, has raised USD 100 million in a Series C round led by ICONIQ, valuing the company at USD 1 billion. The round included participation from Sequoia, Andreessen Horowitz, Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum.
Growth and funding history
The round is Rillet's third within the past year, bringing the company's total funding to more than USD 200 million. According to Rillet, the company doubled its new annual recurring revenue (ARR) over the past three months and now serves more than 600 customers, including publicly listed enterprises and a number of fast-growing AI companies. Having established its platform among technology and AI companies, Rillet said it is expanding into additional sectors, including biotech, healthcare, fintech, logistics, and professional services, where it said large enterprises are replacing legacy ERP systems such as Oracle Fusion, SAP, Workday, Microsoft Great Plains, and NetSuite with Rillet's platform.
Platform approach
Rillet is designed to allow finance professionals and AI agents to work within the same environment, sharing financial data, applying consistent accounting policies and controls, and working from a single, continuously updated view of company finances. According to the company, AI agents are intended to carry out increasingly complex financial tasks, while finance teams retain visibility, approval authority, and a complete audit trail over that work.
Rillet said its approach differs from legacy ERP systems, which the company said primarily store completed transactions while much of the operational work occurs in spreadsheets and separate tools. Rillet also said that some newer AI-based finance products layer agents on top of existing systems not originally designed to support them. By contrast, Rillet integrates structured data through native integrations into a real-time general ledger, allowing AI agents to operate directly within that ledger, with human approval applied where necessary.
Company commentary
A company official at Rillet said ERP systems have traditionally functioned as a record of past transactions, but that in an AI-driven environment, they need to function as an operating layer supporting ongoing financial activity. The official said Rillet is designed to allow humans and AI agents to work from the same financial data, divide tasks, and maintain an auditable record of all actions, with the aim of supporting continuous, real-time finance operations.
A company official at ICONIQ described Rillet as a leading player in AI-native accounting infrastructure, citing examples of customers operating multi-billion-dollar businesses with finance teams substantially smaller than those typically associated with businesses of that scale, closing their books on a continuous basis. The official said ICONIQ views Rillet as providing infrastructure relevant to a new generation of AI-era enterprises.
Partnerships with accounting firms
Rillet has also worked to build relationships with accounting firms that audit and advise large companies. Earlier in 2026, Rillet and Ernst & Young launched an alliance focused on finance transformation, and Rillet said it is an official partner with more than half of the firms included in the Accounting Today top 20 list of CPA firms.
Outlook
A company official at Rillet said the company expects most businesses to adopt agentic, real-time finance operations within the next two to three years, describing Rillet's platform as intended to support that shift for finance teams going forward.
