Rillet, a three-year-old company, has secured $25 million in Series A funding led by Sequoia Capital. The company leverages machine learning and generative AI to automate accounting reports. This aims to streamline financial processes for medium-sized companies.
Rillet's software directly extracts data from banks and platforms like Salesforce and Stripe. It generates essential financial statements, including balance sheets and income statements. This significantly reduces the time required for monthly or quarterly book closings.
Since launching its product last year, Rillet has experienced rapid growth, acquiring nearly 200 customers. The company's AI-powered system offers a faster and more efficient alternative to traditional software like NetSuite. Rillet aims to replace legacy accounting systems with its innovative technology.