Rillet, a three-year-old company specializing in AI-powered automation of general ledger systems for medium-sized businesses, has successfully raised $25 million in Series A funding. The round was led by Sequoia Capital, with participation from existing investors including First Round Capital, Creandum, and Susa Ventures. This investment follows a previous $13.5 million seed and pre-seed round secured ten months prior.
Rillet's innovative software utilizes machine learning and generative AI to automate the creation of financial statements by directly integrating with various banking and business platforms like Salesforce and Stripe. This significantly reduces the time required for closing monthly or quarterly books, from weeks to mere hours, offering a substantial efficiency boost for accounting teams. The company's rapid growth, with five-fold revenue increase and nearly 200 customers since launching last year, underscores the market demand for its solution.
The funding will further fuel Rillet's growth and development. Sequoia's investment was significantly influenced by Rillet's success in attracting larger clients, even replacing established players like NetSuite. This highlights the company's competitive advantage in the market and its potential to disrupt the traditional general ledger software landscape.
Rillet's focus on mid-sized businesses differentiates it from competitors like Digits, which targets smaller companies. The company's AI-driven approach to data migration also streamlines the often-lengthy process of switching accounting systems, making the transition smoother for its clients.
