Ramp, the finance automation platform trusted by over 15,000 businesses, has announced its acquisition of Cohere.io, an AI-powered customer support platform. With a focus on leveraging generative AI and LLMs, Cohere.io has been at the forefront of utilizing advanced technology to extract historical customer support data and provide automated resolutions for similar queries, successfully resolving up to 60% of tickets with reliability and accuracy.
Cohere.io’s innovative approach sets it apart from other chatbot solutions in the market, which often require manual definition and response creation for various customer questions. This distinction has attracted over 200 customers, including renowned organizations like Ramp, Deel, Loom, and SecureFrame. The company has also secured over $3.5 million in venture funding from notable investors, including Initialized Capital.
Eric Glyman, CEO of Ramp, expressed enthusiasm about the acquisition, stating, “We are thrilled to welcome Yunyu, Rahul, and the entire Cohere.io team to Ramp. Their expertise in building AI-powered products that enhance efficiency and effectiveness aligns perfectly with our vision. We are committed to investing in top-tier, AI-native talent to deliver transformative solutions for our customers.”
Within Ramp, the Cohere.io team will lead projects focused on developing AI-driven solutions that unlock time and cost-saving opportunities for customers in innovative ways. Initial initiatives will include further automating workflows by reliably and accurately completing multi-step processes on behalf of customers. Additionally, efforts will be directed towards enhancing Ramp’s analytical capabilities to process vast sets of unstructured and structured data, ensuring customers always obtain the best software prices.
Rahul Sengottuvelu, CTO and Co-founder of Cohere.io, expressed excitement about the partnership, stating, “At Cohere, our mission has always been to develop responsible and transformative AI products that accelerate and enhance workflows. We are thrilled to join Ramp to fuel the next phase of growth and continue our journey of saving businesses time and money through responsible AI.”
With this strategic acquisition, Ramp aims to bolster its AI capabilities and deliver cutting-edge solutions that further streamline operations, increase efficiency, and drive cost savings for its growing customer base.