Rillet, an AI-native enterprise resource planning (ERP) platform, has raised $100 million in a Series C round led by ICONIQ at a $1 billion valuation. The company now serves more than 600 customers and has doubled its new annual recurring revenue in the last three months. For finance teams still running on Oracle, NetSuite, or SAP, the raise signals that the market is shifting toward systems where AI agents work directly inside the general ledger rather than on top of legacy databases.
The round is Rillet's third in the past year and brings total funding to more than $200 million. Sequoia, Andreessen Horowitz, Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Scale Venture Partners, and Creandum also participated. Seth Pierrepont, General Partner at ICONIQ, joins Rillet's board as part of the deal.
Rillet's platform replaces the traditional finance stack with a vertically integrated system: structured data flows through native integrations into a real-time general ledger, and AI agents operate directly in that ledger with full context and a complete audit trail. Human finance teams retain approval authority over agent actions. The company initially proved the model with high-growth tech and AI firms, and is now moving into biotech, healthcare, fintech, logistics, and professional services. It also launched an alliance with Ernst & Young and works with more than half of the Accounting Today top 20 CPA firms.
Mercor, one of Rillet's customers, runs on the platform with a finance team of three people while managing $2 billion in annual recurring revenue. That kind of ratio is the core of the pitch: finance operations that run 24/7 without proportional headcount growth.
What the funding means for the ERP market
This round is a direct challenge to the incumbents. Oracle and NetSuite have historically dominated the ERP space, but the way they store data was never designed for AI agents to act on it. Rillet's architecture treats the ERP as an operating layer for what happens next, not just a system of record for what already happened.
"For the last two decades, the ERP has been treated as a system of record, a place to store what already happened. In the AI era, it has to become the operating layer for what happens next. Finance agents need more than access to data; they need to work inside the general ledger," said Nicolas Kopp, CEO and co-founder of Rillet.
Legacy ERP providers now face a choice: build their own agentic layers through acquisition or internal development, or watch a growing number of finance teams move to platforms that were designed for AI from day one. The fact that multi-billion-dollar companies are running on finance teams of three suggests the cost of finance operations is about to compress significantly.
Why this matters for finance professionals
The practical takeaway for finance teams is direct: the job is shifting from data entry and reconciliation to exception handling and approval. Rillet's model puts AI agents in the ledger, where they handle routine work, while human controllers manage the edge cases and audit trail. Finance professionals who understand how to work alongside these agents, set the policies, and review their outputs will be the ones who remain in demand. The professionals who are most prepared will be those who take the time to build skills in AI-driven accounting workflows rather than waiting for their employer's ERP to force the transition. If you're in finance, the era of the spreadsheet as the real system of record is ending faster than most people expected.
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