TechCrunch Startup News Rillet raises $25M from Sequoia to automate general ledger systems using AI
May 30, 2025
A fresh investment of $25 million is set to revolutionize general ledger systems through AI. Rillet is leading the charge, simplifying financial statements by pulling data directly from banks and platforms. This innovation aims to streamline reporting processes for medium-sized companies, tackling the complexities of outdated systems. Discover how automation is reshaping the financial landscape!
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General Ledger Core Insight
- The general ledger is the core financial hub summarizing all transactions and producing financial statements.
- Replacing entrenched general ledger software is tough but Rillet's AI approach enables quicker transitions and modernization.
Rillet's AI Accounting Breakthrough
- Rillet uses AI to connect directly to banks and platforms, automating balance sheet and income statement creation.
- This allows finance teams to close books in hours versus weeks, significantly speeding reporting.
NetSuite Replacement Trend
- Legacy software like NetSuite remains standard but is slow and outdated.
- Around a third of Rillet's deals are customers replacing NetSuite or similar systems because of better AI-driven options.