Rillet, the AI-native enterprise resource planning software company, has raised USD 100 million in a Series C funding round led by ICONIQ at a valuation of USD 1 billion, reaching unicorn status. The round was announced on 19 August and brings total funding for the company to more than USD 200 million, marking one of the year's larger private financings in enterprise software.
Alongside ICONIQ, participants in the round included Sequoia, Andreessen Horowitz, Sequoia Global Equities, Bain Capital Ventures, Oak HC/FT, Battery Ventures, FirstMark, Creandum and Scale Venture Partners – a deep bench of both existing and new institutional investors that underscores the breadth of interest in the deal.
THIRD MAJOR RAISE IN AROUND A YEAR
The Series C is Rillet's third major raise in roughly 14 to 18 months, following a USD 70 million Series B in August 2025 and a USD 25 million Series A in May 2025. Few software companies compress that many financing rounds into such a short period, reflecting rapid growth and strong investor demand for AI-native infrastructure plays at scale.
Enterprise resource planning has historically been dominated by long-established suites from Oracle, SAP and NetSuite. AI-native challengers such as Rillet argue that redesigning core financial and operational systems around large language models and other machine-learning capabilities can shrink implementation timelines and open up automation opportunities that traditional ERPs struggle to deliver.
Reaching a USD 1 billion valuation places Rillet in the enterprise software cohort that has attracted significant late-stage capital over the past two years, even as the broader venture market has become more selective and even as valuations across much of software have compressed relative to the 2021 peak.
TARGETING BIOTECH TO LOGISTICS
The company said proceeds from the Series C would accelerate its AI-native ERP mission across biotech, healthcare, fintech, logistics and professional services. That spread of target verticals underscores an ambition to be a horizontal platform rather than a niche solution tied to a single industry, and it also implies significant investment in tailored functionality per segment.
The ICONIQ-led round, with participation from a roster including Sequoia and Andreessen Horowitz, gives Rillet both fresh capital and the ability to draw on the operational networks of some of the most prominent US software investors as it scales. Companies backed by that combination of investors typically emphasise product velocity, go-to-market discipline and a clear path to enterprise-grade deployments.
Doubling total funding above USD 200 million within about 18 months of the Series A also gives Rillet a substantial runway to hire and to invest in its underlying AI infrastructure. Enterprise software companies at this stage typically face heavy costs in engineering talent, data science and cloud compute, particularly when models sit at the heart of the product.
The Series C was disclosed on the company's blog alongside coverage in industry publications, which reported the transaction as one of the year's largest fund-raises for an AI-native business software startup and a benchmark for peers watching the pace and pricing of late-stage AI financings. The lead role for ICONIQ, an investor typically associated with high-conviction growth bets, gives the round additional signalling weight in the crowded enterprise-software fundraising landscape.