AI-Powered Startup Rillet Raises $25M Series A to Revolutionize General Ledger Software

Rillet, a startup leveraging machine learning and generative AI, recently raised a $25 million Series A led by Sequoia Capital and existing investors. The company's AI-powered software automates accounting reports by directly pulling data from customers' banks and platforms to generate essential financial statements.

Rillet's founder, Nicolas Kopp, highlighted how the software enables finance teams to close their books in hours, a process that previously took weeks. The company has experienced significant growth, with a five-fold increase in revenue since launching its product last year and acquiring nearly 200 customers, including prominent companies like Windsurf and Decagon.

Notably, Rillet is replacing outdated platforms like NetSuite with its AI-driven approach, streamlining the installation process and reducing data transfer time. This innovative approach has positioned Rillet as a leader in revolutionizing accounting systems for mid-sized companies, with no direct rival leveraging AI and machine learning.