Rillet

Fintech · Enterprise Software · AI

Milestone

Rillet raises $100M Series C, hits $1B valuation in 48 hours

A routine board update on doubled revenue triggered a bidding war among existing backers before due diligence even started.

• Rillet closed a $100 million Series C at a $1 billion valuation, led by ICONIQ with returning investors Sequoia and Andreessen Horowitz, the deal coming together in under 48 hours.
• Rillet builds an AI-native ERP where AI agents operate directly inside a real-time general ledger, pitched as a replacement for NetSuite, SAP, Oracle and Workday.
• This is Rillet's third funding round in about 14 months, following a $25M Series A and $70M Series B, pushing total funding past $200 million since its 2024 launch.
• Rillet now serves more than 600 customers, doubled new annualized revenue in the three months before the round, and says agent activity is growing about 70% month over month.
• Investors point to Mercor, whose three-person finance team reportedly scaled past $2 billion in ARR using Rillet's agents, as proof the platform handles real enterprise workloads, not pilots.
• Having proven itself with tech and AI clients, Rillet plans to push into biotech, healthcare, fintech, logistics and professional services to target large enterprises still running legacy systems.
• The speed of the deal underscores how aggressively investors are chasing AI startups that show measurable enterprise revenue displacement of incumbent software, not just promising pilots.