While AI is busy shaking up legal tech, new kids on the block are also set to revolutionise ERP and accounting – which impacts law firms, as well as their clients. Rillet has bagged $100m in two rounds, backed by legendary funds such as a16Z and Sequoia, and is helping companies to operate with tiny finance teams.
If you want a comparator, think in terms of a Harvey or Legora suddenly appearing on the scene and potentially growing super-fast to take market share – in what is a massive field globally.
By way of example, they noted that PostScript, a unicorn with over $100m in ARR, ‘closed their books in just three days using Rillet’, and Windsurf, a super-fast-growing company, ‘runs their entire finance operation with [just] two people’ by using Rillet.
‘Our customers are building the companies that will define the next decade of business, and we’re building the infrastructure that will take them there and redefine what’s possible when finance teams have truly modern tools,’ they said.
‘With several customers expected to go public on Rillet’s platform in the next 6-12 months, the company is set to prove that today’s most ambitious businesses can scale from startup to IPO on truly AI-native financial infrastructure,’ they added.
All well and good, what does it do?
This is how they explain things: ‘Rillet’s breakthrough lies in how it redefines financial systems architecture. Legacy ERPs are, at their core, ‘dumb databases’. They store transactions, but the real work happens in spreadsheets and bolt-on analytics tools’. They note that:
‘Rillet starts with native integrations, which enable structured data to flow into their smart general ledger.
AI is then applied directly within the system, empowering finance teams to collaborate in real time,
Automate workflows natively and get insightful reporting the moment something happens, not days or weeks later.
Rillet is a clean-slate rethink for this new era – built for speed, intelligence, and scale.’
They added that Rillet is built by accountants. Its Chief Product Officer is a former EY controller and the Head of Customer Success came from PwC.
Nicolas Kopp, CEO and co-founder of Rillet, said: ‘As US CEO of N26, I experienced firsthand how frustrating it was to wait weeks for critical business metrics. My finance team was world-class, but simple requests took weeks because the systems were stuck in the past. I knew there had to be a better way.’
Is this a big deal?
As noted, if you work in ERP and accounting – perhaps inside a law firm, as well as in a corporate – you might well be looking at the likes of Rillet the same way lawyers are looking at the new AI kids on the legal tech block.
And given that several legal tech companies also supply ERP software, then this is even closer to home. As to what impact it will have, it is indeed interesting to hear how companies are operating with very small accounting teams because of this software – and that Rillet is helping such companies move rapidly to IPO.
The level of the investors is also impressive, which saw Rillet bag $30m just 10 weeks ago and now another $70m, with cash coming from a range of funds that also included ICONIQ.
More broadly, it’s further evidence that AI is impacting multiple areas of professional services.
You can find more about Rillet here.
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