US fintech Ramp buys AI customer support platform Cohere.io
New York-based finance automation start-up Ramp has acquired Cohere.io, an artificial intelligence (AI)-led customer support platform, for an undisclosed sum.
Founded in 2020 and also headquartered in New York, Cohere.io claims to have used AI and large language models (LLMs) since 2021 to automatically resolve customer support tickets with higher accuracy and reliability through its chatbot offering. It currently boasts more than 200 customers including Ramp, Deel and Loom and has raised more than $3.5 million in funding so far.
With the acquisition, Cohere.io’s entire team, including CEO Yunyu Lin and CTO Rahul Sengottuvelu, will join Ramp to work on AI development projects as the firm looks to streamline its processes.
Initial projects include making workflows “even more automated” by completing multi-step processes on behalf of customers. The pair will also work on improving Ramp’s ability to analyse vast sets of structured and unstructured data.
Ramp operates a finance automation platform providing corporate cards, expense management software, bill payments and accounting integrations designed to enable businesses to “save time and money with every click”.
In March 2022, the start-up raised $750 million in funding at a valuation of $8.1 billion, which included $200 million in equity funding and $550 million in debt financing.