Rillet, an AI-native accounting platform, raised $100 million at a $1 billion valuation within 48 hours of announcing the raise. The company has been growing rapidly due to a shortage of accountants in the U.S., and it has already amassed 600 customers who are looking to replace legacy accounting systems like Oracle and NetSuite. Rillet’s growth since its Series B last summer saw annualized revenue double in the last quarter alone, with new clients including public companies and an alliance with EY for AI tools.

Rillet’s customers have been actively replacing their ERP and accounting software from competitors such as Intuit, NetSuite, or Oracle. The company was built to support AI agents rather than humans, allowing accountants to work alongside the AI agents on corporate bookkeeping tasks. Rillet includes features like model routing, which allows customers to redirect requests to a foundational model of their choice without training the models on their data. Additionally, Rillet’s governance feature lets accountants see and audit every decision made by the AI agent, including what numbers were pulled and how they were calculated.

Despite concerns about job displacement due to AI in accounting, Rillet co-founder and CEO Nicolas Kopp believes that new rules and regulations will evolve to align with the technology’s progression. He also doesn’t foresee mass job loss for accountants anytime soon, as the automation of routine tasks will instead make accountants’ advisory and analytical duties more prominent. The Bureau of Labor Statistics projects a growth in accounting-related needs by at least 5%, adding 72,800 jobs by 2034, with no expectation that AI will reduce demand for accountants even as the technology becomes more widespread.

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