Rillet, a San Francisco-based developer of AI-native enterprise resource planning infrastructure, has secured a $100 million Series C round led by ICONIQ, valuing the company at $1 billion. The round, which included Sequoia, Andreessen Horowitz, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum, marks Rillet’s third raise in a single year, bringing total funding to more than $200 million.
The platform positions itself as an AI-driven alternative to legacy systems such as Oracle Fusion, SAP, Workday, and NetSuite, integrating structured financial data directly into a real-time general ledger. This lets AI agents handle complex financial tasks with full context and audit trails, while human finance teams retain approval authority.
Rillet now serves more than 600 customers and has doubled its new annual recurring revenue over the past three months. Having built early traction with high-growth AI firms such as Mercor, which reportedly manages $2 billion in ARR with a three-person finance team, the company is expanding into biotech, healthcare, fintech, logistics, and professional services, alongside a new alliance with Ernst & Young.
Nicolas Kopp, Rillet’s CEO and co-founder, said the modern ERP must evolve from a static system of record into an operating layer that AI finance agents can work within directly, rather than simply access.
