The CEO of the unicorn AI accounting startup, Rillet, says AI is changing who consulting firms hire
Nicolas Kopp, CEO of Rillet, is taking on legacy ERP players.
Rillet AI-native accounting startup Rillet just raised $100 million in Series C funding.
The funding comes on the heels of the $200 million it's raised over the past year.
Rillet's AI software aims to simplify bookkeeping and reduce reliance on traditional ERP systems.
For years, upgrading the software companies use for bookkeeping consumed a consultant's entire job.
"It's no fun being a consultant implementing your third instance of Oracle Fusion and having three years of your life basically go by in a blink of an eye because you're transforming Excel spreadsheets and trying to wrangle a very old system," Nicolas Kopp, CEO of AI-native accounting startup Rillet, told Business Insider.
Oracle Fusion is a suite of cloud software that large companies use to manage their finances and operations.
Setting up systems like this can take years of consulting work.
Rillet is betting AI can make that process faster by keeping a company's books up to date as transactions come in.
Its "objective function" is simple, Kopp said: "To reduce the time spent that humans go around clicking buttons in applications." Rillet's growth also offers a glimpse of how AI could reshape consulting talent.
As the software takes on more routine accounting work, firms are looking for people with deeper domain knowledge and the technical skills to work with AI and large data sets.
Rillet is part of a new crop of startups, including Light, Campfire, and DualEntry, using AI and automation to pry finance teams away from decades-old ERP systems, the software companies use to manage their finances, human resources, and much more.
The company, which emerged from stealth two years ago, said last week that it raised a $100 million Series C at a $1 billion valuation.
It has also raised $200 million across three rounds in the past year and doubled new annual recurring revenue last quarter.
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