Nicolas Kopp, co-founder and chief executive of Rillet, announced that the two-year-old startup has closed a $100 million Series C financing round, taking its valuation to $1 billion. The funding, led by ICONIQ with participation from a roster of established venture firms, marks the company's third raise in twelve months and cements its status as a unicorn in the fast-moving AI-enterprise software market.
Why the capital matters
The round brings Rillet's total funding to just over $200 million. Backers include returning investors such as Sequoia Capital and Andreessen Horowitz, alongside new participants like Bain Capital Ventures and Creandum. Seth Pierrepont, general partner at ICONIQ, will also join Rillet's board, signalling confidence in the firm's growth trajectory.
What the company aims to change
According to Kopp, the core mission is to free chief financial officers from the routine tasks that keep them chained to spreadsheets long after the work week ends. "CFOs really struggle day to day. They can't see their families on weekends," he told EuroHerald. The platform is designed not to replace finance professionals but to act as a tireless back-office, handling data review, journal entries and routine reporting through AI agents.
"Our message is not that we're coming after jobs. That's just not correct," Kopp said, adding that domain expertise remains central to Rillet's approach.
Customer traction and market reach
Rillet now serves more than 600 organisations, ranging from high-growth AI firms such as Neuralink, Skild AI and Mercor to non-tech businesses in waste recycling and film production. Roughly 40 % of its clientele sits outside the technology sector, a sign that AI-native finance tools are gaining acceptance across the broader economy.
Mercor, a reference customer, uses Rillet's AI agents to manage a finance function supporting over $2 billion in annual recurring revenue with just three staff members.
Challenging legacy ERP systems
Traditional enterprise resource planning solutions, including Oracle Fusion, SAP, Workday, Microsoft Dynamics and NetSuite, were built before the AI era and rely on manual data entry. Kopp argues that these systems force finance chiefs into day-to-day minutiae, limiting strategic focus. By contrast, Rillet's "agent-first" architecture allows AI to run hundreds of operations in parallel, producing cleaner data and a complete audit trail.
"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," said Pierrepont in a press release.
What lies ahead
Kopp attributes recent momentum to rapid advances in large-language models, which have turned accounting, historically a slow-adopting sector, into a field where tasks that once took a full day can now be completed in minutes. He also points to a talent shortage in the accounting profession as an additional driver for AI adoption.
Rillet is expanding its partnership network, having launched an alliance with EY for AI-native finance transformation and now working with more than half of the Accounting Today top-20 CPA firms. The company expects to accelerate product development further, with support teams able to ship new features within hours of a customer request.
As the platform scales, the next challenge will be convincing larger enterprises to replace entrenched legacy systems with an AI-first solution, a shift that could redefine the finance function across Europe and beyond.