Rillet Raises $13.5 Million for Accounting Automation Platform

funding

Accounting automation firm Rillet has raised $13.5 million to develop its platform.

“Today, high-growth companies face a catch-22 when it comes to accounting: use 25-year-old software built for small businesses that doesn’t meet their needs or 25-year-old software built for large corporations that doesn’t either,” the company said in a news release Monday (July 29).

“Either way, finance teams are stuck doing tons of manual work in spreadsheets to reconcile and report their finances. To exacerbate the issue, there are fewer accountants to do this work: 300,000 accountants left the profession in the last two years alone.”

But with advances in software and artificial intelligence (AI), the company said, much of this manual work can be automated, giving finance teams more freedom to conduct more strategic and insightful analysis.

According to the release, Rillet’s platform integrates with companies’ payment processors and CRMs to simplify accounting on the revenue side, running “all kinds of workflow automations that finance teams used to have to do manually — from invoicing to closing the books and running investor reporting.”

The funding round comes as businesses continue to embrace automation in accounts payable (AP) and accounts receivable (AR) processes to reduce costs, as PYMNTS wrote last week.

Research by PYMNTS Intelligence shows that AP staff have been working extra hours as they use legacy and manual procedures to take care of a growing number of invoices, with three-quarters of AP teams saying they processed more invoices in the last quarter.

“There’s a lot of messiness around payments, particularly very large B2B payments that might house hundreds or thousands of invoices with hundreds of associated line-item details,” Boost Payment Solutions founder and CEO Dean M. Leavitt told PYMNTS. “Large enterprises on both the AP and AR side are looking for ways to automate those processes, digitize them and reduce their cost as well.”

That’s because automated systems can take care of large volumes of transactions with speed and accuracy, freeing up human resources to — as Rillet said — focus on more strategic activities.

“You’ve heard the expression better, cheaper, faster,” Ben Lamm, chief operating officer at Capital One’s Trade Credit Business, told PYMNTS last summer. “I think automation really helps with faster and cheaper.”

Meanwhile, research from PYMNTS Intelligence’s “The 2024 Certainty Project Report” found that uncertainty, especially around payments, costs middle-market companies more than $20 million on average.

“Many of these uncertainties stem from incompatible technologies, manual data entry and the complexities of legacy systems that result in poor data quality,” PYMNTS wrote.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.


March Madness 2025 and Beyond: When AI Meets the Big Dance

March Madness 2025 and Beyond: When AI Meets the Big Dance

As the calendar flips to March, college basketball fans are gearing up for another exhilarating NCAA tournament.

In the future, artificial intelligence and cutting-edge technology could change March Madness as we know it. Let’s break down how the digital revolution could transform the Big Dance.

AI Bracketology: The New Sixth Man

AI is already being used to predict brackets. Gone are the days of agonizing over your picks based on team mascots or your alma mater’s colors. In 2025, AI-powered bracketology is the name of the game. Fans can use algorithms that crunch data points, from player statistics to historical upset probabilities, all at the click of a button.

But beware, bracket enthusiasts. While these AI tools promise to boost your chances of winning the office pool, they can’t account for the quintessential March Madness chaos. You know, the instance where AI can predict everything except the inevitable Cinderella story that ruins everyone’s bracket by the second round.

The Rise of the Robo-Commentators

In a move that would be sure to ruffle some feathers, AI-generated commentary could be used for games. Digital play-by-play announcers would never need a bathroom break and potentially be able to recall obscure statistics from the 1957 tournament in an instant.

Virtual Reality Courtside Seats

Can’t make it to the Final Four? Ten years from now, games might happen in a digital stadium, Forbes reported. With virtual reality (VR) technology, fans could experience the thrill of courtside seats from the comfort of their living rooms.

“AI-generated athletes, inspired by the procedural generation techniques of video game developers … could perform in virtual arenas, exhibiting strategies and plays conceived by advanced predictive algorithms,” Forbes reported.

Just be careful not to get too caught up in the moment with streaming. Wouldn’t want to have reports of fans attempting to rush the virtual court after buzzer-beaters have led to an uptick in living room injuries — especially when that flat screen falls over.

AI Coaches: The Ultimate Clipboard Holder

While human coaches still call the shots, AI assistants could one day be indispensable members of the coaching staff. In the next five years, these digital strategists could analyze opponent tendencies and more.

“Building on existing technologies … AI will provide coaches and players with intricate, multi-dimensional data patterns that dramatically enhance both offensive and defensive strategies,” Forbes reported. “These advanced algorithms will analyze vast datasets from numerous games to uncover hidden trends, strategic insights, and predictive cues about opponents’ potential moves.”

The Referee’s New Best Friend: Computer Vision

Say goodbye to controversial calls. Advanced computer vision systems could assist referees in making split-second decisions, from determining if a player’s toe was on the line for a three-pointer to detecting the slightest touch on a blocked shot.

The Hawk-Eye system is already used in tennis and cricket to help determine fouls, Viso.AI reported.

“This system uses a network of cameras to track the ball and then compares the trajectory of the ball to a virtual model of the playing surface,” the report said. “This system is accurate within a few millimeters, which is much more accurate than the human eye.”

The Future of Fandom

As we dive into March Madness 2025, it’s clear that technology will change the way we experience the tournament. From AI-powered brackets to virtual reality arenas, the digital revolution is coming for basketball. But at its core, the magic of March Madness remains the thrill of competition, the joy of unexpected victories, and the heartbreak of last-second defeats.

So, whether you’re relying on an AI to pick your bracket this year, or screaming at a holographic referee in the future, remember to enjoy the ride. In the unpredictable world of college basketball, sometimes the best strategy is to embrace the madness — digital or otherwise.

For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.