Rillet announced on August 17, 2026 a $100 million Series C at a $1 billion valuation 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. The round is Rillet’s third in about 14 months and brings total funding past $200 million.

The San Francisco company builds an AI-native ERP where agents work inside a real-time general ledger with human approval and a full audit trail. Rillet said it doubled new ARR in the last three months and now serves more than 600 customers, including public companies and fast-growing AI firms. After proving the product in tech, it is pushing into biotech, healthcare, fintech, logistics, and professional services as large enterprises look to replace Oracle Fusion, SAP, Workday, Microsoft Great Plains, and NetSuite.

Agents inside the ledger

CEO and co-founder Nicolas Kopp said the ERP has to become an operating layer for what happens next, not only a system of record for what already happened. ICONIQ general partner Seth Pierrepont joined the board and called Rillet the market leader in AI-native accounting infrastructure, citing customers that run multi-billion-dollar businesses with finance teams a fraction of traditional size. Rillet also pointed to an earlier 2026 alliance with Ernst & Young and partnerships with more than half of Accounting Today’s top 20 CPA firms.

Decoded Take

Unicorn status in accounting software is a bet that continuous close and agentic workflows can finally dislodge decades of ERP inertia. The EY and top-firm partnerships matter more than the valuation headline, because auditors are the gatekeepers for public-company adoption. Watch whether Rillet’s expansion verticals produce named replacements of Oracle and SAP, and whether ARR growth stays product-led as deal sizes move upmarket.