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Rillet raises $25M from Sequoia to automate general ledger systems using AI
Rillet directly pulls data from their customers' banks and platforms to generate financial statements, including the balance sheet and income statement.
“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. 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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