Finance Automation Platform Ramp Acquires AI Startup Cohere.io
BY PYMNTS | JUNE 26, 2023
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Finance automation platform Ramp has acquired artificial intelligence (AI) startup Cohere.io.
This acquisition will bring generative AI to finance, which will help automate workflows, improve customer experiences, and save businesses time and money, the companies said in a Monday (June 26) press release.
“We’re committed to investing in high-quality, AI-native talent to deliver transformative solutions for our customers,” Ramp CEO Eric Glyman said in the release.
Cohere’s CEO and co-founder Yunyu Lin has applied AI to a range of industries, including FinTech and autonomous vehicles. Cohere’s CTO and co-founder Rahul Sengottuvelu brings AI expertise to extract useful information from unstructured data, according to the press release.
The company’s technology helps businesses automatically resolve up to 60% of tickets in a reliable and accurate way, streamlining their support operations and delivering better customer experiences, the release said.
Its approach attracted more than 200 customers at complex, multiproduct organizations, including Ramp, per the release.
“Generative AI has the potential to help enterprises unlock a treasure trove of intelligence from the data they already have,” Lin said in the release.
This acquisition comes about 15 months after Ramp secured $750 million in financing to support the growth of its finance automation platform.
At the time, Ramp had more than 5,000 businesses on its platform and powered more than $5 billion in annualized payment volume.
“We are pursuing an extraordinary opportunity to overhaul an industry that historically has been misaligned and out-of-touch with the needs of its customers,” Glyman said at the time.
As PYMNTS reported June 6, the emergent alignment of end-to-end accounting processes with generative AI tools is expanding the ways chief financial officers (CFOs) can have an impact, allowing finance departments to do more with less and positioning the CFO as a strategic partner and adviser to the management team.
By freeing up employees from less rewarding work and augmenting their human-level analytical strengths, generative AI tools are ushering in a new era for CFOs.
