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 e ... Read full article.