Introduction
AI-powered enterprise resource planning platform Rillet raised $100 million at a $1 billion valuation in a Series C funding round. The round was led by ICONIQ, with Sequoia, Andreessen Horowitz and other investors participating.
Developments
This brought the company’s total funding to more than $200 million; ICONIQ partner Seth Pierrepont also joined the board of directors.
Rillet will use the new investment to develop products that will enable AI agents to take on more complex financial tasks and to expand into new industries.
Details
The platform combines financial data from sources such as Salesforce and Brex in a real-time general ledger and can execute transactions under the supervision of finance teams. The company said it had doubled its new annual recurring revenue over the past three months, surpassed 600 customers, and expanded into biotechnology, healthcare, fintech, logistics and professional services.