New York-based Rillet has raised a $100 million Series C at a $1 billion valuation, becoming an AI-era unicorn just two years after emerging from stealth. The round, announced August 19, 2026, was led by ICONIQ with participation from Sequoia, Andreessen Horowitz, Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners and Creandum.
Third Raise In A Year Pushes Total Funding Past $200M
The Series C is Rillet's third round in the last 12 months, following a $70 million Series B in late 2025 led by ICONIQ and a16z, and a $25 million Series A led by Sequoia earlier that year. Rillet CEO Nicolas Kopp said on X that the deal came together in less than 48 hours after the company doubled ARR in the past quarter and crossed 600 customers. He wasn't planning to raise, he said, but interest ballooned around Rillet's alliance with Ernst & Young and its foothold at fast-growing AI companies including Mercor, Neuralink, Skild AI and Windsurf.
An ERP Built Around AI Agents, Not Bolted-On Copilots
Rillet is pitching a new category it calls “agentic accounting”: a real-time general ledger with continuous close, native integrations to Salesforce, HubSpot, Stripe, Ramp, Brex, BILL, Rippling and 12,000 bank feeds via Plaid, and an in-product AI agent (branded Aura AI) that books journal entries, runs reconciliations and generates GAAP financials under human approval. Rillet claims 99.7% of journal entries are booked automatically and cuts seven days off the close. Mercor is running finance for a business past $2 billion in ARR with a team of three, ICONIQ general partner Seth Pierrepont said.
Coming For NetSuite, SAP And Workday
“For the last two decades, the ERP has been treated as a system of record,” Kopp said. “In the AI era, it has to become the operating layer for what happens next.” Rillet is expanding beyond tech into biotech, healthcare, fintech, logistics and professional services, replacing Oracle Fusion, SAP, Workday, Microsoft Great Plains and NetSuite. It joins a wave of AI-native enterprise-software unicorns backed by ICONIQ and top-tier growth funds, including Ramp, which hit a $44 billion valuation in June.
Reporting based on coverage from TechCrunch, Business Wire and Rillet's blog.