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

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.

The company did not disclose the valuation it secured in the Series B funding round. A source close to the deal said the startup was valued at around $500 million.

The round was joined by Sequoia, Oak HC/FT and FOG Ventures, the company said on Wednesday, and comes just over two months after Rillet raised $25…