Rillet Raises $25 Million from Sequoia to Transform General Ledger Automation with AI

Rillet, a Silicon Valley-based fintech startup, has secured $25 million in Series A funding from leading venture firm Sequoia Capital to accelerate the development of its artificial intelligence-powered general ledger automation platform. The investment marks a new milestone in the race to modernize core accounting systems for businesses of all sizes.

Rillet Secures Major Funding to Disrupt Traditional Accounting

As artificial intelligence continues to revolutionize sectors from healthcare to logistics, accounting technology is poised for its own transformation. Rillet, founded in 2023 and led by CEO Akshay Kothari, announced today that it has raised $25 million in a Series A round, led by Sequoia Capital, to automate key finance functions using cutting-edge AI and machine learning.

“We aim to take the manual grunt work out of accounting,” said Kothari in a statement to TechCrunch. “With our AI-driven ledger system, companies can close their books faster, eliminate human error, and unlock real-time insights for better decision-making.”

The latest funding brings Rillet’s total raised capital to $33.5 million, following earlier seed rounds by notable investors including Lightspeed Venture Partners and Y Combinator.

How Rillet’s Platform Works

Automating the General Ledger with AI

At the heart of Rillet’s offering is an AI-powered platform that automates the general ledger — the backbone of business accounting. The system ingests data from diverse sources such as bank feeds, invoices, and ERP systems, using machine learning algorithms to reconcile transactions and produce error-free books with minimal human intervention.

“Traditional general ledger management is labor-intensive and prone to mistakes,” said Rillet CTO Shruti Patel. “Our technology learns from historical data and current patterns to categorize transactions, flag anomalies, and generate compliance-ready reports in real time.”

Integration and Security

Rillet’s software integrates with popular accounting suites like QuickBooks, NetSuite, and Xero, as well as major banks and payment processors. The company emphasizes enterprise-grade security, including end-to-end encryption and SOC 2 compliance, to safeguard financial data.

Sequoia’s Bet on AI-Powered Finance

The funding from Sequoia is a testament to growing investor confidence in AI-driven financial infrastructure. Sequoia partner Jess Lee, who will join Rillet’s board, highlighted the startup’s potential for widespread impact.

“Digital transformation in finance is long overdue,” said Lee. “Rillet’s platform combines deep AI expertise with real-world accounting workflows to solve a universal pain point for businesses worldwide.”

According to MarketsandMarkets, the global market for AI in accounting is expected to grow from $1.6 billion in 2022 to over $6.6 billion by 2027, driven by demand for productivity, compliance, and transparency.

What Sets Rillet Apart

While competitors like BlackLine, FloQast, and Vic.ai also offer automation for finance teams, Rillet claims its advantage lies in the adaptability and scalability of its AI models. The platform is designed for both startups and Fortune 500 firms, supporting multi-entity and multi-currency operations out of the box.

Early pilot partners include e-commerce marketplaces and SaaS providers, who report up to 70% reduction in monthly book-closing time, according to customer testimonials shared with TechCrunch.

Addressing Concerns and Challenges

Despite the optimism, industry experts caution that AI implementation in accounting must overcome ethical and regulatory hurdles.

“AI can drastically improve efficiency, but standards for auditability, transparency, and data privacy are critical when financial records are at stake,” said Andrew Lemon, professor of accounting technology at NYU Stern School of Business.

Kothari said that Rillet’s machine learning models are explainable and subject to regular audits, and that no automation occurs without human oversight. The platform also assists teams in adhering to evolving regulatory standards.

The Road Ahead: Expansion and R&D

With fresh capital in hand, Rillet plans to double its engineering team, expand sales and customer support, and invest in advanced features such as AI-powered financial forecasting and automated tax compliance modules. International expansion into Europe and Asia is also on the roadmap for late 2025.

“We’re just scratching the surface,” said Kothari. “Our long-term vision is to reimagine all back-office finance workflows so that business leaders can focus on growth and strategy, not manual accounting tasks.”

As companies seek to streamline operations in a fast-changing economy, the acceleration of intelligent automation in finance may soon become the norm rather than the exception.

Sources

TechCrunch: Rillet raises $25M from Sequoia to automate general ledger systems using AI

MarketsandMarkets: Artificial Intelligence in Accounting Market—Global Forecast to 2027

Interview statements via TechCrunch article