Latest news with #Bek
Yahoo
4 days ago
- Business
- Yahoo
Rillet raises $25M from Sequoia to automate general ledger systems using AI
For accounting departments, no software is more important than the general ledger system. It's the central hub that summarizes all financial transactions, providing the essential data needed to create accurate financial statements. "The general ledger is the beating heart of the finance function, and so asking a company to remove it is a kind of open-heart surgery," said Julien Bek, a partner at Sequoia Capital. Until a few years ago, Bek believed that VCs wouldn't dare to invest in startups building new general ledger software. It's not only difficult to get customers to switch from their existing accounting software, but building a new general ledger business is also very challenging, he explained. Bek changed his mind when he discovered Rillet, a three-year-old company leveraging machine learning and generative AI to automate accounting reports. Rillet directly pulls data from their customers' banks and platforms, such as Salesforce, Stripe, Ramp, Brex and Rippling, to generate essential financial statements, including the balance sheet and income statement. Rillet founder Nicolas Kopp (pictured above) says thanks to machine learning and AI, his company's software enables accounting and finance teams at medium-sized companies to close their monthly or quarterly books in hours, a process that previously took weeks. Prior to Rillet, Kopp was U.S. CEO of European neobank N26. Since launching its product last year, Rillet's revenue has grown five-fold, and it has brought on nearly 200 customers, including fast-growing companies like Windsurf, the AI coding assistant reportedly sold to OpenAI for $3 billion, and Decagon, an AI customer support startup reportedly valued at $1.6 billion. In the past, companies of that size would likely have installed NetSuite, general ledger software developed in the late 1990s that is still very popular with middle-sized companies. But NetSuite is slow and clunky. "I think a third of their deals are coming from [customers] replacing NetSuite, or NetSuite-like systems," Bek said about Rillet's customers. It was this statistic that helped Sequoia decide to invest. "What I was watching for is that they start replacing NetSuite. Because [with] many companies, you can get the small customers, but getting the big ones, I think that's really hard," Bek said. On Wednesday, Rillet said it has raised a $25 million Series A led by Sequoia Capital, with participation from existing investors. The fresh funding comes 10 months after the company raised a $13.5 million seed and pre-seed round from First Round Capital, Creandum and Susa Ventures. Rillet's AI makes the installation process relatively painless. It used to take many months to transfer all the data from one general ledger software to another, Rillet can reduce that time to about four to six weeks, Kopp said. Clients simply continue to use the existing general ledger platform until they are sure that all the data has moved to Rillet. According to Kopp, Rillet competes with NetSuite and other legacy platforms, but currently doesn't have a clear rival that leverages AI and machine learning to replace accounting systems for mid-size companies. Digits, another AI accounting startup, recently launched its autonomously-powered general ledger, but unlike Rillet, it targets small businesses that use QuickBooks and Xero. This article originally appeared on TechCrunch at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
4 days ago
- Business
- TechCrunch
Rillet raises $25M from Sequoia to automate general ledger systems using AI
For accounting departments, no software is more important than the general ledger system. It's the central hub that summarizes all financial transactions, providing the essential data needed to create accurate financial statements. 'The general ledger is the beating heart of the finance function, and so asking a company to remove it is a kind of open-heart surgery,' said Julien Bek, a partner at Sequoia Capital. Until a few years ago, Bek believed that VCs wouldn't dare to invest in startups building new general ledger software. It's not only difficult to get customers to switch from their existing accounting software, but building a new general ledger business is also very challenging, he explained. Bek changed his mind when he discovered Rillet, a three-year-old company leveraging machine learning and generative AI to automate accounting reports. Rillet directly pulls data from their customers' banks and platforms, such as Salesforce, Stripe, Ramp, Brex and Rippling, to generate essential financial statements, including the balance sheet and income statement. Rillet founder Nicolas Kopp (pictured above) says thanks to machine learning and AI, his company's software enables accounting and finance teams at medium-sized companies to close their monthly or quarterly books in hours, a process that previously took weeks. Prior to Rillet, Kopp was U.S. CEO of European neobank N26. Since launching its product last year, Rillet's revenue has grown five-fold, and it has brought on nearly 200 customers, including fast-growing companies like Windsurf, the AI coding assistant reportedly sold to OpenAI for $3 billion, and Decagon, an AI customer support startup reportedly valued at $1.6 billion. In the past, companies of that size would likely have installed NetSuite, general ledger software developed in the late 1990s that is still very popular with middle-sized companies. But NetSuite is slow and clunky. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW 'I think a third of their deals are coming from [customers] replacing NetSuite, or NetSuite-like systems,' Bek said about Rillet's customers. It was this statistic that helped Sequoia decide to invest. 'What I was watching for is that they start replacing NetSuite. Because [with] many companies, you can get the small customers, but getting the big ones, I think that's really hard,' Bek said. On Wednesday, Rillet said it has raised a $25 million Series A led by Sequoia Capital, with participation from existing investors. The fresh funding comes 10 months after the company raised a $13.5 million seed and pre-seed round from First Round Capital, Creandum and Susa Ventures. Rillet's AI makes the installation process relatively painless. It used to take many months to transfer all the data from one general ledger software to another, Rillet can reduce that time to about four to six weeks, Kopp said. Clients simply continue to use the existing general ledger platform until they are sure that all the data has moved to Rillet. According to Kopp, Rillet competes with NetSuite and other legacy platforms, but currently doesn't have a clear rival that leverages AI and machine learning to replace accounting systems for mid-size companies. Digits, another AI accounting startup, recently launched its autonomously-powered general ledger, but unlike Rillet, it targets small businesses that use QuickBooks and Xero.
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Business Standard
13-05-2025
- Business
- Business Standard
Denmark bans post-study work rights for students in unaccredited programmes
Denmark has introduced new rules that restrict access to the labour market for international students enrolled in certain unaccredited study programmes, including many from India and Nepal. The changes took effect on May 2, 2025. The move was confirmed by the Danish Agency for International Recruitment and Integration (SIRI), which processes work permits and study visas, in a press release. The rules now prevent non-EU students on unaccredited higher education courses from working in Denmark under the rights granted by their study permits. Who is affected * Students from outside the EU on non-government accredited higher education programmes, including Indians * Applicants applying on or after May 2, 2025 * Those seeking post-study residence for job-hunting or to bring accompanying family members Also Read Students already holding a study permit under the old rules will not be affected. SIRI has said that even if such students apply to extend their permits, the earlier terms will continue to apply. 'The purpose of the changes is to ensure that residence permits are granted only to third-country students whose genuine intention is to study in Denmark,' SIRI said in a statement. What changes * No post-study job-seeking period for those on unaccredited programmes * No accompanying family allowed under these study visas * No right to work during the course of study, unlike previously For students in accredited programmes — such as university degrees recognised by the Danish government — the right to work up to 20 hours per week during term and full-time during summer months remains unchanged. The Danish government has not made changes through new legislation but by altering an existing directive. Immigration Minister Kaare Dybvad Bek had first indicated the possibility of such action in March. Misuse of student visas triggered change The stricter controls follow a report in Fagbladet 3F, a Danish trade union journal, which highlighted a rise in Nepalese nationals using study permits primarily to work. Bek told the journal that police believed the real motive behind many of these applications was not education. 'We are relying on the police view that the overall purpose of the Nepalese persons' residence in Denmark was labour migration,' said Bek in the March interview. He added that suspected misuse of visas placed pressure on wages in the Danish job market, and that his response would be to tighten the rules. Growing interest in Denmark According to the recently released Student Pulse Survey Spring 2025 report by edtech company ApplyBoard, while most Indians still prefer Canada over other destinations, interest in Denmark is also on the rise. This uptick comes even as Denmark joins countries like the UK, US and Canada in tightening post-study work options for international students.
Yahoo
15-03-2025
- Health
- Yahoo
Aussie caravan family's warning after 'gross' discovery on the road
A family travelling around Australia in their caravan is warning others to urgently get a filter for their water tap after their own was clogged up with dirty, brown debris after only four days. Bek and Doug Roberts are living on the road full time with their kids Ava and Conner but hit a bump late last year when they all contracted giardia — an infection caused by a parasite found in contaminated water. Since then, they have installed a filter to their water supply and have been reminded time and time again why it was the right decision for them. "We all got giardia, so afterwards we got this filter that eliminates bacteria and dirt and it's been pretty good ever since," Bek told Yahoo News. "It's obviously a lot of stuff from the pipes." Footage shows Bek emptying the family's filter and a blast of brown water sprouting from it. "It's every campground since we left Brisbane [their home] that our filter has been clogged up like that," she explained, calling it "gross". "We've connected it to town water along the New South Wales coastline, and after four days, we were shocked at how much build-up was in it." 🛣️ Warning over deadly caravan mistake amid rising trend on roads 🤑 Caravanners reveal how they save 'thousands' while travelling 🏖️ Beach car park photo highlights 'out of control' problem The family say they haven't looked back since installing their $159 water filter and are pleased the days of nonstop vomiting and stomach cramps caused by the infection are behind them. "At the end of the day, the filter is doing its job and it's not going in our bodies so that is great. We assumed town water was fit and healthy, but it just goes to show that there is still quite a bit of stuff in it," Bek said. She is now urging others to simply invest in a similar filter to give travellers an extra line of defence against campground water. "If you just want that extra bit of peace of mind for clean drinking water, I would get any kind of filter that sort of does a similar job," she said. Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube.
Euronews
14-02-2025
- Climate
- Euronews
Valentine's Day flowers: The sustainable flower industry is blossoming in the face of climate change
We know roses are red but can they also be green? In Europe, most flowers - particularly those amorous bouquets of roses we receive on Valentine's Day - come from large-scale flower farms in Kenya or are grown in gigantic greenhouses in the Netherlands. But the cut flower industry is changing. Growers are adapting to the impending threat of climate change and rising energy costs. Businesses are greening their operations and transport logistics amid new European regulations. Consumers are now asking questions about carbon footprints and provenance before selecting their flowers. Climate change is already impacting the global flower industry Dr David Bek has spent the last 20 years asking what a sustainable flower looks like. If he were to be brutal he says, it would be 'a flower grown naturally in your garden that's been fed by the rain - or something in your local hedgerow'. But Bek has long been an influential voice in shaping the cut flower industry beyond our garden walls. As a professor of creative economies and ecological sustainability at the University of Coventry, he has seen firsthand 'a sea of change in attitudes and business practices' in the industry over the last five years. Companies are intensifying their sustainability efforts, in part, due to 'the realisation that environmental issues…are causing problems for the industry as the variability of weather produces the biggest threats of all,' he explains. 'If you don't know if the next season is going to bring a hurricane or extreme rainfall, then you get huge problems for the industry.' In Kenya, where our favourite Valentine's Day roses are often grown, erratic weather conditions are already causing problems. ' Climate change is already having a huge impact on flower farm workers,' says Mahsa Yeganeh, senior sustainable sourcing manager at the Fairtrade Foundation. 'Rising temperatures, erratic rainfall, and droughts are threatening flower yields and increasing production costs.' 'Without urgent action, the livelihoods of thousands of flower farm workers could be at risk.' Even growers in Europe are struggling. Bek recalls a recent conversation with a small-scale flower grower from Scotland who had been looking to buy new land. They decided against it when they realised the risk from wind would be too much with increasing storms. Large-scale growing operations in the Netherlands, the heart of the flower industry, are also taking a beating from rising energy costs. The bulk of European-grown flowers stem from vast greenhouses in the Netherlands Dutch flower growers supply about 70 per cent of flowers sold across Europe and a majority of these end up in the UK. The greenhouses where they're grown come with plenty of environmental challenges, from heating and water usage to pollution and the use of chemicals. Several Dutch municipalities - Zutphen, Amersfoort, and The Hague - have even banned flowers at public events. Health concerns over Dutch flowers containing high levels of pesticides including some that are banned in the European Union played no small part in this decision. Last year, the Fund for Pesticide Victims in France officially recognised that a child died from leukaemia because her florist mother worked with Dutch flowers that contained pesticides. Despite these concerns, it's also The Netherlands where the public is leading conversations about sustainable floristry. 'Holland has a much greater awareness, partly because people there literally see the greenhouses with the lights on,' explains Bek. 'In the Netherlands, a key focus is on reducing energy consumption', says John Janssen, project leader at SMK, a Dutch foundation whose mission is to make mainstream agricultural production more sustainable. 'This includes lowering the use of natural gas for heating and optimising electricity use for assimilation lighting. Additionally, minimising the use of chemical crop protection products is essential to reducing environmental harm.' Transportation holds the biggest carbon footprint for flowers Bek's own research shows that most consumers buying a bouquet of flowers are more likely to worry about the plastic packaging or the seasonality of the flowers than anything else. But this distracts us away from the 'very real environmental impacts of transportation and heating, which are the most problematic parts of the industry.' 'If you stick things in an aeroplane, they're going to have a high carbon footprint, but the heating and lighting greenhouses for 24 hours a day can be just as problematic,' Bek explains. However, he adds, an increase in sea freight uptake for African and Latin American flower production is supporting carbon reduction efforts. Kenya's economy heavily relies on the floriculture industry, with approximately 100,000 flower farm employees supplying 40 per cent of cut roses to Europe. Half of these go through the Dutch flower auctions. However, a focus on fairer practices means 38,000 of these flower workers are now employed across 48 Fairtrade-certified flower and plant producer organisations. These farms are challenging the status quo when it comes to greener business practices. 'It's critical that we support sustainability efforts within the cut flowers sector,' says Yeganeh. ' Fairtrade-certified farms adhere to environmental standards, promoting responsible water use, reducing harmful chemical reliance, and encouraging biodiversity.' Fairtrade roses from Kenya or flowers from the Netherlands? A recent study showed that Fairtrade roses transported by air had a lower energy demand than roses from the Netherlands - even after including transportation to Europe. That's because flowers grown in Kenya's warmer climate don't require heated greenhouses. Fairtrade roses used 6.4 times less energy when transported by air and 22 times less by ship than Dutch roses, according to updated figures from Fairtrade Max Havelaar Switzerland & MGB. They also produced 2.9 times less greenhouse gas emissions by air - and 21 times less by air. The Fairtrade study also highlighted that growing roses in Kenya uses 65 per cent less water, and can better support biodiversity compared to standard Dutch rose growing practices. However this comparison study 'may overlook other environmental factors,' Janssen cautions. He points out that the use of chemical crop protection products and the fact that Kenya faces significant water scarcity could have a greater impact on local resources compared to the Netherlands. 'Disruptive' companies are changing the way your flowers are grown Bek recently visited one Dutch mass grower that he thinks will be 'quite disruptive' to the industry. Porta Nova, located close to the world's largest flower auction in Aalsmeer, has managed to reduce carbon emissions to 56 grams per stem, he says. They have done this by using 100 per cent wind energy, LED lighting, and closed-loop fertilisation systems that ensure 100 per cent reuse of excess water. 'This is a reduction of about 90 per cent compared with non-renewable energy powered greenhouses.' 'The Netherlands is one of the world's largest producers of floricultural products, with a global trade network that sets the industry standard. Competing on price alone is not a sustainable strategy for the Netherlands,' says Janssen. 'Instead, the key to long-term success lies in responsible, sustainable production. And taking social responsibility.' There's no perfect answer to a sustainable bouquet Whether you choose flowers grown locally or from abroad, there are better choices that support sustainability and climate initiatives. Support flower workers being impacted by climate change If you're seeking to support the livelihoods of flower workers in emerging countries on the frontline of climate change then Fairtrade flowers are an excellent choice. Fairtrade flowers are traceable back to the original farm and pay a 10 per cent 'Premium' which is invested back into the community, including climate-resilient initiatives. While the climate crisis is already affecting both the life cycle of flowers and their livelihoods, Agnes Chebii, a flower farmer in Kenya says that Fairtrade Standards provide solutions: 'We use rainwater collected in the greenhouses when it is too sunny, so we can irrigate our plants.' Choose certified European-grown flowers Nearly 90 per cent of Europeans would prefer to buy locally grown flowers and plants. Yet just one-third of people currently do, according to a 2022 survey conducted by Kantar in the Netherlands, France, Germany and the United Kingdom for The Flower Council of Holland. When buying European-grown flowers, look out for the 'On the way to PlanetProof' certification, which guarantees a more sustainable bouquet. SMK introduced this label as an independent and science-based standard that sets strict environmental requirements to be used by European flower growers. Seek out local flower growers near you You can also support independent flower growers and find unique small businesses by looking for local associations, such as the Slow Flower movement in France, or Flowers from the Farm in the UK. One Flowers from the Farm members is Sammie's Flowers. Based in Yorkshire, England, this small flower-growing business blossomed out of 'a combined love of flowers and the natural environment,' explains founder Sammie Hall. She says that even though flowers grown and sold in the UK have a tiny fraction of the environmental footprint when compared to imported flowers, there are a lot of barriers for the local scene to flourish. She adds that education about what seasonal actually means is key, with customers confused by 'misleading advertising by supermarkets ' and 'all-year-round availability of flowers'. 'Homegrown flowers, especially native wildflowers, if grown outside without pesticides have the added benefit of supporting our insect population and other wildlife.' 'The appetite from consumers for environmentally friendly flowers is certainly there but we still have a lot of work to do to spread the message of what that truly looks like,' says Hall.
