AI accounting startup Rillet has raised a staggering $100 million Series C funding round for a valuation of $1 billion, led by Iconiq. The latest round saw the return of Andreessen Horowitz and Sequoia as investors, while Rillet emerged from stealth in 2024, swiftly positioning itself at the forefront of enterprise resource planning (ERP) AI.

The company’s platform automates financial data management, pulling insights from sources like Salesforce or Brex. With over 600 customers and a three-month ARR doubling, co-founder and CEO Nicolas Kopp declared the latest round took shape in less than 48 hours due to mounting interest following an alliance with EY.

In a statement, Seth Pierrepont of Iconiq noted that Rillet’s vision of transforming the general ledger into an operating system for finance has indeed materialised. Last year, Rillet secured a $70 million Series B from Iconiq and Andreessen Horowitz, following its $25 million Series A led by Sequoia in anticipation of disrupting legacy SaaS players like NetSuite.

The rapid growth of AI startups showcases the enduring enthusiasm among investors for technology poised to shake up traditional industries. While some might warn of a SaaSpocalypse, Rillet’s success underlines the potential of AI to reinvent business functions from the ground up.