AI accounting startup Rillet announced on Tuesday that it has raised a $100 million Series C funding round at a $1 billion valuation. The round was led by Iconiq, with participation from returning investors Andreessen Horowitz and Sequoia.

Rillet, which emerged from stealth in 2024, provides a platform that deploys artificial intelligence to assist finance professionals in managing company books. The software can automatically and continuously ingest data from platforms such as Salesforce and Brex.

According to the company, it has experienced rapid recent growth:

Customer base has expanded to more than 600 companies. Annual recurring revenue (ARR) has doubled over the past three months.

Total funding raised to date has surpassed $200 million. Nicolas Kopp, co-founder and CEO of Rillet, shared on X that the latest funding round came together in "less than 48 hours."

While the company was not actively planning to raise capital, investor interest increased following an alliance with EY along with substantial gains in customers and ARR.

" A year ago, we backed a bold vision for Rillet: that the general ledger could become more than a system of record and instead the operating system for finance," said Seth Pierrepont, General Partner at ICONIQ. " That vision is now reality."

The Series C follows a $70 million Series B round raised last year, which was led by ICONIQ and Andreessen Horowitz, and a prior $25 million Series A round led by Sequoia.