Cycle on May 22, 2026

I will start by checking for any open threads or steering inputs from the user on this topic to guide my research.

I will search for VC-backed or YC startups building AI-native ERP systems or enterprise management systems that are challenging legacy vendors like SAP and Oracle, specifically looking for those with named enterprise customers or concrete revenue traction.

I see some very interesting results here: - "DualEntry Raises $90M Series A to Redefine ERP as AI-Native" (backed by Lightspeed, Khosla Ventures) - "7 AI-Native ERPs Rated for CFOs (2026) | RoboCFO.ai" (mentions DualEntry, Campfire, etc.) - "Our Investment in Campfire: Building the Future of AI-Native ERP" (Accel) - "Rillet | The AI-Native ERP" (backed by Sequoia, etc.) - "5 AI-Native ERPs Reimagining Enterprise Software - Versori" (mentions Doss's Adaptive Resource Platform) Let's fetch the RoboCFO.ai framework page and the DualEntry funding page, as well as the Accel investment page for Campfire, and maybe the Versori page. This will give us a very strong, concrete picture of the actual VC-backed AI-native ERP startups gaining traction in 2026. First, let's search for DualEntry and Campfire to get more specific details and named customers or traction. I'll search for "DualEntry ERP" and "Campfire ERP". Let's do a quick search to see what else there is, then fetch.

Excellent. DualEntry raised $90 million in Series A in October 2025 (valued at $415 million) from Lightspeed, Khosla, and GV. This is a major player. Let's do a search on "Campfire ERP" and Accel to see what its details are.

Very interesting! Campfire raised a $35M Series A led by Accel in June 2025, and just 12 weeks later, raised a $65M Series B co-led by Accel and Ribbit Capital (raising $100M total within 12 weeks!). It is described as winning many startups and mid-market companies away from NetSuite (Oracle). Let's do a search on "Rillet ERP" or "Rillet funding" to see what details we have on Rillet.

Rillet has raised $100M+ in under a year, including a $25M Series A from Sequoia and a $70M Series B from a16z and ICONIQ. This is huge! Let's do a search on "Everest ERP" and "Doss ERP" to see what other AI-native ERP startups there are. Let's do a search for "Everest ERP" or "Everest AI-native ERP" and "Doss ERP" or "Doss ARP".

Let's fetch some of these articles! I will fetch: 1. `https://campfire.ai/blog/campfire-65-million-series-b-co-led-by-accel-and-ribbit` 2. `https://techcrunch.com/2025/06/30/tiny-ai-erp-startup-campfire-is-winning-so-many-startups-from-netsuite-accel-led-a-35m-series-a/` 3. `https://www.rillet.com/blog/rillet-raises-70m-series-b-from-andreessen-horowitz-and-iconiq` 4. `https://lsvp.com/stories/the-death-of-the-legacy-erp-why-we-led-dualentrys-series-a/` Let's start by fetching these so we have real, citable content on what these startups do, who they are displacing (NetSuite, Sage, Quickbooks, etc.), and what their specific AI-native capabilities are. Let's do `web_fetch` for the Campfire TechCrunch article first, and then the others.

This is an excellent source. It shows that Campfire is winning customers (like Advisor360, Rhumbix, Fooji, Replit, Replo) from NetSuite, and has automated manual work resulting in monthly close times dropping from 15 days to 3 days. Let's fetch the Campfire Series B blog post: `https://campfire.ai/blog/campfire-65-million-series-b-co-led-by-accel-and-ribbit` to see what has happened since. Then let's fetch the Rillet Series B post: `https://www.rillet.com/blog/rillet-raises-70m-series-b-from-andreessen-horowitz-and-iconiq`. And the Lightspeed blog post: `https://lsvp.com/stories/the-death-of-the-legacy-erp-why-we-led-dualentrys-series-a/`. Let's fetch them one by one.

This is amazing! - Campfire raised $100M in just 12 weeks (Series A $35M in June/July 2025, Series B $65M in October 2025). - 10x increase in revenue YTD. - Unicorns like PostHog, Decagon, and Replit are choosing to run their financial operations on Campfire, migrating from legacy systems. - Complete migrations off SAP and NetSuite. - Partnership with public companies like LimaOne (NYSE: MFA). - It introduced LAM (Large Accounting Model), achieving 95%+ accuracy on key accounting tasks. Let's fetch the Rillet Series B post next: `https://www.rillet.com/blog/rillet-raises-70m-series-b-from-andreessen-horowitz-and-iconiq` to see how Rillet is positioning themselves and what traction they have. This will give us a second very solid, concrete example.

This is another amazing source. - Rillet raised a $70M Series B in August 2025 (co-led by a16z and ICONIQ, with Sequoia, Oak HC/FT) just 10 weeks after a $25M Series A from Sequoia. Total funding is over $100M in under a year. - It has over 200 customers, and doubled its ARR over the past 12 weeks. - Strategic partnerships with top accounting firms like Armanino and Wiss. - Customers like Postscript ($100M+ ARR) close their books in 3 days using Rillet. Windsurf runs their entire finance operation with 2 people. - Implementations take as fast as 4 weeks vs 12 months for traditional systems. - Replaces legacy systems like NetSuite (Oracle), Intacct (Sage), Dynamics (Microsoft), and Acumatica. Let's fetch the Lightspeed blog post on DualEntry: `https://lsvp.com/stories/the-death-of-the-legacy-erp-why-we-led-dualentrys-series-a/`. This will give us a third concrete example.

This is spectacular material! We have three major AI-native ERP startups: 1. **DualEntry** - Founded by Santiago Nestares and Benedict Dohmen (who lived through a painful NetSuite experience with their previous company). - Raised a $90M Series A in October 2025 led by Lightspeed Venture Partners, Khosla Ventures, and GV (Google Ventures). Total raised is $100M. Valued at $415M. - Core value proposition: Migrate companies from legacy systems (like QuickBooks, NetSuite) in 24–48 hours, versus the typical 9+ month implementation timeline. "Zero-cost, prove-it-first" onboarding using real customer data. - Core features: Unified Ledger (handling 40+ billion records with real-time reporting), Control Layer (rules engine for secure, auditable automation), Accounting Workflows (month-end close with AI-powered task management). - Working with public companies, strong customer referral rate (~50% of customer base). 2. **Campfire** - Founded by John Glasgow (former Fidelity, Union Square Advisors, Adobe/Invoice2go). - Raised a $35M Series A in June 2025 led by Accel, and just 12 weeks later in October 2025 raised a $65M Series B co-led by Accel and Ribbit Capital (total of $100M in 12 weeks). - Traction: 10x increase in revenue YTD. Serving tech startups/unicorns like PostHog, Decagon, and Replit, plus migrations off SAP and partnerships with public companies like LimaOne (NYSE: MFA). - Core value proposition: Replaces NetSuite and SAP. Ripping out NetSuite and putting in Campfire dropping month-end close times from 15 days to 3 days (or 5x faster). - Key tech: Introduced LAM (Large Accounting Model), proprietary AI model trained exclusively on accounting data, achieving 95%+ accuracy on key accounting tasks (reconciliations, variance analysis). - Automatically itemizes and reconciles complex AWS cloud computing bills, generates detailed cash flow analysis, and answers questions in natural language. 3. **Rillet** - Founded by Nicolas Kopp (former US CEO of N26) and Stelios Modes (technical architect behind N26's payment infrastructure). - Chief Product Officer is a former EY controller; Head of Customer Success is former PwC; VP of Implementations is a CPA/former customer. - Raised a $25M Series A from Sequoia Capital in May 2025, and just 10 weeks later in August 2025 raised a $70M Series B co-led by Andreessen Horowitz (a16z) and ICONIQ. Total funding over $100M in under a year. Board members include Alex Rampell (a16z) and Seth Pierrepont (ICONIQ). - Traction: Over 200 customers, doubled ARR in the past 12 weeks. Strategic partnerships with top accounting firms like Armanino (top 20) and Wiss (top 50). - Customers like Postscript ($100M+ ARR) close their books in 3 days using Rillet. Windsurf runs their entire finance operation with a lean team of two people. - Core value proposition: Replaces legacy systems like NetSuite (Oracle), Intacct (Sage), Dynamics (Microsoft), and Acumatica. Implementations take as fast as 4 weeks vs 12 months for traditional systems. - Key tech: Native integrations to ingest structured data into a "smart general ledger" with AI applied directly within the system to automate workflows natively, rather than using spreadsheets or bolt-on analytics tools. Let's do a search to see if there are other startups or updates in 2026. What about specific legacy ERP earnings calls or customer defections in early 2026? Let's search for "Oracle earnings NetSuite AI competition" or "SAP earnings AI competition 2026" or "Sage Intacct AI-native competition". Let's run a search.

Let's look at the article `Oracle's AI Pivot Is Creating a 12-Month Window for NetSuite Partners` or `Best NetSuite Alternatives in 2026: Full ERP Comparison` by Hyperbots, or `NetSuite vs SAP for AI Agents: The 2026 ERP Integration Guide - Truto`. Let's search for "Hyperbots ERP" or "Hyperbots NetSuite alternative" to see what they do. Let's do a search on "Hyperbots ERP".

Ah, Hyperbots is a middleware/agentic AI platform that sits *on top* of existing ERPs (like NetSuite, SAP, etc.) rather than replacing them, although they also market NetSuite alternatives. Let's look at the NetSuite-focused blog post: `https://timdietrich.me/blog/netsuite-competitive-landscape-ai-analysis/` to see what is discussed there. That might give us some useful industry-level perspective. Let's fetch it.

This is a highly valuable, highly relevant 2026 perspective (published March 18, 2026). It details Oracle's AI pivot for NetSuite, including NetSuite Next, SuiteAgents, the AI Connector Service, the SuiteApp.AI Marketplace, Autonomous Close, and AI Canvas. This shows how legacy NetSuite is trying to defend itself by embedding AI into its ecosystem, while mid-tier partners face a 12-month window to adapt or risk being compressed. Let's do a search on "SAP AI 2026" or "SAP earnings 2026" or "SAP Joule ERP" to see how SAP is defending itself and if there are any updates on SAP Joule or enterprise customer migrations. Let's do a search.

Wow, SAP Sapphire 2026 just happened (or is happening, given our current date is May 22, 2026)! Let's fetch the SAP News article on "SAP Unveils the Autonomous Enterprise | SAP Sapphire" (`https://news.sap.com/2026/05/sap-sapphire-sap-unveils-autonomous-enterprise/`) and the LinkedIn post / SAP Community blog posts to see what SAP is launching in mid-2026 to defend itself. Let's do a search on SAP Sapphire 2026 first or fetch the SAP News article. Let's fetch `https://news.sap.com/2026/05/sap-sapphire-sap-unveils-autonomous-enterprise/`.

This is a goldmine. We have the absolute latest announcements from SAP Sapphire 2026 (May 2026). Let's analyze what SAP is doing: - **SAP Autonomous Enterprise:** Launched to combine "SAP Business AI Platform" with "SAP Autonomous Suite". - **SAP Business AI Platform:** Unifies SAP Business Technology Platform, SAP Business Data Cloud, and SAP Business AI. It features the **SAP Knowledge Graph** (structured map of business entities/processes) and **Joule Studio** (no-code/pro-code AI framework for building agents, using n8n for visual orchestration and NVIDIA OpenShell for trusted secure runtime). - **SAP Autonomous Suite:** Embeds AI agents in core applications. Includes **50+ domain-specific Joule Assistants** (e.g., **Autonomous Close Assistant** to compress financial close from weeks to days) orchestrating over 200 specialized agents. - **Industry AI:** 7 autonomous solutions for sectors like energy (e.g., working with RWE to analyze past incidents and generate pre-filled work orders for wind turbines). - **Joule Work:** A redesigned user experience where users interact with Joule instead of screens. - **€100 Million Partner Fund:** To help customers deploy SAP-built AI assistants and agents, or build partner agents using Joule Studio. - **Migration Incentives:** RISE with SAP and SAP GROW offerings updated to include Joule Assistants. S/4HANA on-premises and ECC customers get access to select AI scenarios if they commit to moving to Cloud ERP. - **Agent-led ERP Migration Tools:** Claims to reduce migration efforts by more than 35% through automating system analysis, code remediation, configuration, and testing. - **Partnerships:** Anthropic (Claude for Joule agents in HR, procurement, supply chain), AWS (zero-copy data integration), Google Cloud & Microsoft (bidirectional agent-to-agent interoperability), Mistral AI/Cohere (sovereign models), n8n (visual workflow orchestration), NVIDIA (OpenShell secure runtime), Parloa (AI customer service agents), Palantir/Accenture/Conduct (AI-powered cloud ERP migrations). This is a massive, coordinated defensive pivot by SAP in mid-2026 to prevent customers from ripping out SAP for AI-native startups like Campfire, Rillet, or DualEntry! Let's do a search on "Oracle NetSuite AI 2026" or "SuiteWorld 2025" or "NetSuite AI Canvas" to get more details on Oracle/NetSuite's counter-offensive. We saw in Tim Dietrich's blog post that NetSuite launched: - **NetSuite Next** - **SuiteAgents** - **AI Connector Service** - **SuiteApp.AI Marketplace** - **Autonomous Close** - **AI Canvas** Let's do a quick search on "SuiteAgents NetSuite" or "NetSuite AI Canvas" to get concrete details about these features. This will allow us to write a comprehensive, authoritative update on how legacy ERP giants (SAP and NetSuite) are deploying massive AI agent frameworks and native automation to fight off the rapid rise of VC-funded AI-native ERP startups (Campfire, Rillet, DualEntry) which have raised over $300M collectively in the last year. This is a perfect, highly specific, and deeply informative update on the enterprise ERP landscape. Let's do a search.

Let's fetch the NetSuite Newsroom article: `https://www.netsuite.com/portal/company/newsroom/netsuite-expands-suitecloud-platform-with-new-ai-innovations.shtml` to get the official details of NetSuite Next, SuiteAgents, AI Canvas, and the AI Connector Service. This will give us excellent, highly accurate details to cite.

This is an incredibly rich, direct source for NetSuite's massive AI platform transition: - **NetSuite Next:** The next-generation suite. - **AI Connector Service:** Built on the **Model Context Protocol (MCP)**, allowing secure connection to external AI assistants and agent platforms. - **SuiteAgent Frameworks:** Allows developers to build and deploy **SuiteAgents** directly on the SuiteCloud Platform. - **AI Toolkits:** APIs exposing NetSuite's own AI services (Document AI, Narrative Insights AI, Knowledge AI) for direct use in extensions. - **AI Assistants:** Including **SuiteCloud Developer Assistant** (coding companion) and **SuiteFlow Assistant** (natural language workflow designer). - **AI Studios:** Includes **Prompt Studio** and **Narrative Insight Studio** to design, test, and manage how AI operates and generates summaries. This is a comprehensive, precise competitive landscape mapping of the ERP sector in 2026. Let's review the active threads. There is one active thread: `Which AI-native ERP/enterprise startups are gaining enterprise traction against SAP/Oracle? (continued)` Description: "Search results this cycle were dominated by SAP's defensive positioning and Instagram/LinkedIn hype posts rather than concrete named startups with revenue traction. The LinkedIn post about 'customers started testing AI-native ERP deployment startups promising implementations in days instead of months' was not backed by a citable source. Forbes noted the bar for AI-native ERP: 'prove they can run at enterprise scale with the governance and data.' Need to search for specific funded startups (e.g., any YC or VC-backed AI-native ERP companies) with named enterprise customers." Our findings directly resolve this thread! We have found multiple VC-backed AI-native ERP startups that have raised over $100M each, with named enterprise customers, concrete revenue traction (10x revenue growth, 200+ customers, doubled ARR), and specific migration times (24-48 hours or 4 weeks vs. 12-18 months for legacy systems). We have: - **Campfire** (raised $100M in 12 weeks, Series A and Series B in 2025; customers: PostHog, Decagon, Replit, Advisor360, Rhumbix, Fooji, LimaOne) - **Rillet** (raised $100M+ in under a year, Series A and Series B in 2025; customers: Postscript, Windsurf; partnered with Armanino, Wiss) - **DualEntry** (raised $100M total, $90M Series A in Oct 2025; migrating companies in 24-48 hours; 50% referral rate; working with public companies) We can write a major, high-quality finding on this AI-native ERP landscape, detailing how these startups are actively winning customers from NetSuite and SAP by dropping close times from 15 days to 3 days and offering 24-48 hour migrations. Let's check if we should update any existing notes. The auto-injected notes include: 1. `saas-rout-of-2026-market-repricing` - "SaaS Rout of 2026" 2. `ai-vendor-lock-in-faster-than-cloud` - "AI Vendor Lock-In" 3. `openai-anthropic-enterprise-services-consulting-threat-2026` - "OpenAI and Anthropic Launch Enterprise Deployment Firms" 4. `legacy-b2b-software-inferior-quality-ai-age-2026` - "Legacy B2B Software Products Now Actively Worse Than AI-Native Alternatives" 5. `saas-pricing-model-siege-build-vs-buy-2026` - "SaaS Pricing Models Under Structural Siege" We can write a brand new note with a fresh slug (e.g., `ai-native-erp-disruption-netsuite-sap-2026`) specifically focused on the ERP sector, or we can update `legacy-b2b-software-inferior-quality-ai-age-2026` or create a new one. Creating a new specific note on the AI-native ERP landscape is perfect, as it is a major vertical disruption. Let's see if there are any other notes on ERP. Let's do a quick search using `search_notes` to see if there is an existing ERP-specific note. Oh, wait, the instructions say: "Do NOT call read_notes — it's deprecated. Use search_notes for lookup by relevance instead." Let's search notes for any ERP-related ones. Let's run a quick search.

I will write a detailed, highly structured note on the AI-native ERP landscape. Let's name the slug: `ai-native-erp-market-disruption-2026`. This note will summarize the findings on the three major AI-native ERP startups (Campfire, Rillet, DualEntry), their traction, their named customers, and how legacy ERP giants (SAP and NetSuite) are mounting massive defensive AI agent frameworks (SAP Autonomous Enterprise, NetSuite Next) to stem customer defections. Let's carefully verify the rules: - "Every write_note body MUST cite at least one source URL you surfaced via web_search and confirmed via web_fetch this cycle." - "No YAML frontmatter is needed — the title comes from the first '# ' heading and the slug is the slug parameter you pass to write_note." Let's write this finding now. This finding will contain extremely detailed, high-quality, actionable intelligence for anyone evaluating the enterprise software landscape. Let's do it.

Awesome! The note is written and saved successfully. Let's look at the open thread we wanted to address: `Which AI-native ERP/enterprise startups are gaining enterprise traction against SAP/Oracle? (continued)` We have fully addressed this thread by providing the names, funding, traction metrics, and specific customer names of three major VC/YC-backed AI-native ERP startups (Campfire, Rillet, DualEntry) which are winning customers from NetSuite/SAP. Let's resolve this thread. Let's call `resolve_thread`.

This is excellent. Let's consider if we need to open any new threads. Are there any follow-up questions surfaced during this cycle? One interesting thing is: - How are mid-market and enterprise CFOs actually evaluating these AI-native ERPs in practice? Are they choosing a hybrid approach (e.g., keeping SAP for core ledger but using middleware like Hyperbots or specialized agents), or are they truly ripping and replacing? - What are the pricing models of these new AI-native ERPs? Since legacy ERPs are heavily dependent on per-user seat licenses and implementation consulting fees, how do Campfire, Rillet, and DualEntry monetize? Do they charge based on transaction volume, automated tasks, or a flat SaaS fee? Let's record this as a follow-up thread for the next research cycle. This is a very high-value question for someone evaluating the enterprise software landscape. Let's do it.

This is great. We have recorded a very logical and high-value follow-up thread. Let's double-check if there are any other open threads or actions. No open threads left since we resolved the only one. We have written a comprehensive, high-quality finding citing multiple new sources found and fetched this cycle. Let's call `finish_cycle` to complete our work.

I have completed the research cycle on the enterprise software and services landscape. I resolved the outstanding thread by detailing the funded AI-native ERP startups gaining traction against SAP and Oracle, and I opened a follow-up thread on their monetization models. The updated findings and threads are recorded below.