Latest news with #NetSuite
Yahoo
3 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
Yahoo
3 days ago
- Business
- Yahoo
Rillet Raises $25M Series A from Sequoia Capital to Bring AI to Mid-market Accounting
The company has quickly become the system of record for the next-generation of finance teams, including those at Windsurf, Decagon, Postscript, and more NEW YORK, May 28, 2025 /PRNewswire/ -- Rillet, the AI-native ERP (enterprise resource planning) platform, today announced $25M in Series A funding led by Sequoia Capital. This round, which comes 10 months after Rillet's last fundraise, includes existing investors First Round Capital, Creandum, Susa Ventures and top angels, such as former NetSuite CFO, Ron Gill and Lee Kirkpatrick, former Twilio CFO. Today, many accounting teams are reliant on legacy ERP systems and tools from the 90s, preventing them from fully adopting AI. Products like NetSuite are slow, outdated, highly manual and often bloated and complex from extensive customization. Full utilization of AI requires a single source of truth with clean, accurate data. Rillet has rebuilt the general ledger to redefine the ERP for the AI age. The platform integrates directly with best-in-class tools, including Salesforce, Stripe, Ramp, Brex and Rippling. Rillet AI agents then automate key accounting workflows from accruals to reconciliation to board reporting and more. "We're a team of accountants building for accountants. This means everything from the reports to the workflows is tailor-built for the challenges CFOs and controllers deal with on a daily basis," said Rillet CEO and founder, Nicolas Kopp. Rillet empowers customers to close their books in hours rather than weeks, providing fully reconciled financial data in real time to enable faster and better decision making. Leaders no longer need to wait weeks after the month ends to see how the business is performing. This means that leaner, more efficient accounting teams can then focus on higher leverage, more strategic work. "ERP is one of the largest software categories, yet it has remained virtually untouched for the last decade because reimagining the financial backbone of a business is incredibly complex," said Julien Bek, the Sequoia partner who led the firm's partnership with Rillet. "Nicolas has brought together a world-class team to tackle this challenge, combining deep domain expertise with AI-native technology to rebuild the foundation of the CFO suite." Sequoia, which is known for partnering with category-defining fintechs like Stripe, Block, and more, has several ex-CFO investing partners. Roelof Botha, managing partner at Sequoia and prior CFO of PayPal added: "Rillet has rethought the general ledger to automate accounting with real-time integrations and AI-driven workflows, allowing finance teams to work smarter and businesses to scale faster. This modern approach helps CFOs capture the full value of AI, and, ultimately, positions Rillet as the system of record for the next generation of finance teams." Since launching in 2024, Rillet has seen incredible traction with revenue growing 5x year-on-year and the platform processing billions in transactions. Nearly 200 customers including fast-growing companies like Windsurf, Decagon and Postscript have implemented Rillet to transform their accounting processes. Windsurf, one of the fastest growing AI companies, runs all their accounting on Rillet: "Rillet feels like it was tailor built for Windsurf and our complex accounting needs. We have a unique blend of products and revenue models and are growing at lightning speed; Rillet handles all of it effortlessly," said Windsurf VP of Finance, Adam Strouss. This new funding and support from Sequoia will allow Rillet to further accelerate the development and deployment of AI within the platform and enable them to further build out the go-to-market and customer support functions. View original content to download multimedia: SOURCE Rillet
TechCrunch
3 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.
Techday NZ
23-05-2025
- Business
- Techday NZ
Ultra Violette proves tech transformation is a team sport
The cult Australian SPF-meets-skincare brand has been on a rapid growth trajectory since launching in 2019. From eCommerce-only roots to international expansion and major retail partnerships, Ultra Violette now operates across Australia, the UK, Southeast Asia, Canada and the US. Sustaining that level of growth meant rethinking the systems underneath it. In a recent NORA webinar, Ultra Violette's Head of Operations Jane Furphy and Annexa Director Matthew Owens shared the decisions that made it possible. Before the tech, the team By 2023, it was clear Ultra Violette had outgrown its original stack. With multiple instances of Xero and DEAR/Cin7 spread across regions, inventory visibility was limited, reporting was fractured and order management was increasingly manual. That would be a problem for any retailer but with a North American expansion looming, Ultra Violette couldn't afford any blind spots. Still, the transformation didn't start with selecting an ERP. It started with building the right internal capability to lead the change. "We had a fantastic finance manager - 2IC to the CFO - and we thought she would be great to lead the project... but we actually moved her from the finance team into my team so that we could make sure that she was a fully rounded finance and operational person who could help guide the team and understand both sides of that coin to be able to translate really easily between finance and operations." That move helped unify decision-making across teams and kept the implementation grounded in how the business actually worked. Cross-functional by necessity Digital transformation efforts often fall apart when teams solve for their own needs in isolation - finance chasing reporting fixes, ops focused on fulfilment and eCommerce doing its own thing. At Ultra Violette, the process forced those silos to come down. "Our e-commerce team were a big part of bringing in NetSuite and changing all of these systems," said Jane. "The rest of the business hadn't realised how big a part they would play." That shared involvement helped build momentum across the business - and the move to embed finance capability within ops further bridged the gap. The result was faster decision-making and smoother implementation across teams that were far more connected than before. The right system still matters – but it's not enough With the internal structure in place, Ultra Violette partnered with Annexa to implement, NetSuite as their ERP and Celigo as their integration platform. The project spanned four markets, four warehouses, and a new EDI setup – all delivered in under six months, just ahead of Black Friday. That speed was only possible because of the alignment behind the scenes. Jane credits the team's discipline around decision-making - particularly when it came to customisations. As she explained, the team encouraged users to spend time with the system before requesting changes. "If it really added value, we'd make the change but only where it was worthwhile." Matthew echoed the approach, noting that while restraint is important, so is confidence in tailoring systems when it makes sense. "Try not to customise wherever possible - but don't be afraid to if it creates real value. UV struck that balance well." A partner with the right fit Annexa played a central role in reducing risk throughout the project. From aligning regional operations to managing complex integrations, their team worked closely with Ultra Violette to keep the rollout on track. "We're detail people," said Jane. "We needed a partner who could work at that level of detail with us – someone we could reach quickly, who had local experience and who'd worked with businesses like ours before." That partnership proved particularly valuable during the warehouse integration phase. With four 3PLs going live across multiple regions in the lead-up to peak season, fallback plans and real-time coordination were essential. The go-live landed cleanly. A model for others scaling fast Ultra Violette's transformation offers a useful counterpoint to the platform-first approach many retailers take. Technology matters but leadership, structure, internal alignment and external partners are what determine whether it actually delivers. Want the full story? Catch the on-demand webinar to hear Jane and Matt unpack: · Building flexibility across D2C and wholesale · Structuring your teams to reduce friction
Business Wire
19-05-2025
- Business
- Business Wire
Miter Raises $38M from Bessemer and Coatue to Help Contractors Build with Confidence
SAN FRANCISCO--(BUSINESS WIRE)-- Miter, a leading provider of cloud-based human capital management (HCM), field operations, and expense management solutions for the construction and field service industries, today announced it has raised a total of $38M, including a recent $23M round led by existing investors Bessemer Venture Partners and Coatue Management LLC. "With the help of our customers, we're building a platform that helps ambitious contractors navigate change and build with confidence,' said Connor Watumull, Co-Founder and CEO of Miter. 'We want to unleash the potential of contractors everywhere.' Miter was founded in 2021 to help construction and field service contractors build with confidence. Miter's long-term vision is to make it faster and easier to build critical infrastructure like energy systems, housing, transportation, and data centers. Miter helps contractors modernize their back-office and field operations by connecting HR, finance, and operations in one platform. Miter typically replaces desktop-based applications or industry-agnostic software. Miter's cloud-based platform empowers contractors with the tools they need to build high-performing teams, control job costs, and manage their operations. Built for the construction industry, Miter simplifies everything from job costing to union or Certified Payroll compliance to employee onboarding, time-tracking, expense management, and benefits administration. "With the help of our customers, we're building a platform that helps ambitious contractors navigate change and build with confidence,' said Connor Watumull, Co-Founder and CEO of Miter. 'We want to unleash the potential of contractors everywhere.' More than 700 contractors of all sizes have partnered with Miter to connect HR, finance, and operations in one platform. Miter works with other industry leaders to deliver seamless integrations with top construction ERPs (Sage, NetSuite, and Acumatica), and project management and field service solutions (ServiceTitan, BuildOps, Procore, and HCSS). Contractors have streamlined their operations using Miter, saving 20-40 hours per week on payroll processing alone. Miter has also helped contractors expand without adding administrative overhead by providing the scalable infrastructure needed to support growth. 'Miter rescued us from payroll and time-tracking chaos,' said Garrett Henke, COO at American Roofing & Metal. 'Miter has allowed us to serve new states and public sector projects that we would have struggled with on our old system, and it also gives us real-time insight into our labor costs. It is a game changer." 'Contractors have a challenging job – not only do they need to be experts in how to build the critical structures, but they also need to solve one of the most complex human capital problems – staffing high quality experts across multiple disciplines for overlapping projects where each can have unique wages, benefits, and taxes,' said Kent Bennett, partner, Bessemer Venture Partners. 'Connor and the team at Miter are solving this massive headache with a workforce platform that automates away the most painful parts of managing a construction firm so that contractors can get back to the business of making the world work. The customer response to the Miter product has completely validated the pain point, the elegance of Miter's solution, and the incredible quality of their team. We're thrilled to be investors.' About Miter Miter is an HCM, field operations, and expense management platform built for contractors. Driven by a vision of a better built world, Miter makes it easier and faster to build our critical infrastructure by empowering the next generation of contractors to strengthen their workforce, control job costs, and accelerate jobsite execution. The platform connects people, projects, and payments, enabling contractors to build with confidence. Learn more at
