AI accounting startup Rillet raises $70 million in Andreessen Horowitz, ICONIQ-led round

AI Artificial Intelligence words are seen in this illustration taken, May 4, 2023. REUTERS/Dado Ruvic/Illustration

(Corrects paragraph 7 to say annual recurring revenue has doubled in the past 12 weeks, not 12 months)

(Reuters) -Rillet, a startup developing AI-powered accounting software, has raised $70 million in a fundraise co-led by venture capital firms Andreessen Horowitz and ICONIQ in a bid to disrupt an industry dominated by tools from Oracle and Microsoft.