Ramp acquires generative AI platform Cohere.io

Ramp, a finance automation platform, announced the acquisition of Cohere.io, an artificial intelligence-powered customer support firm, to continue building AI tools and automating workflows at the New York-based start-up.  

“The Cohere team led by Yunyu and Rahul has a proven track record of applying generative AI to reduce the manual work of customer support teams,” Eric Glyman, Ramp co-founder said on LinkedIn, “we’re excited to apply their deep expertise to financial operations in fresh and interesting ways.”

The acquisition sum was not disclosed. 

Cohere.io has raised over $3.5m in venture funding from Initialized Capital among other investors such as Y Combinator, Soma Capital, Shrug Capital, and Chapter One since its founding in 2020. Ramp co-founder Eric Glyman was also a seed investor in Cohere.io. 

The financial services company said that with Cohere.io’s build-in, they can scale to support 300,000 plus cardholders around the world. The two companies have a history together as Yunyu, one of Cohere.io’s founders was an engineer at Ramp before leaving to start the AI-powered venture. Ramp said that the acquisition was being referred to internally as a “homecoming.” 

Rahul Sengottuvelu, chief technology officer and co-founder at Cohere.io said they are going to continue building their AI products at Ramp “to continue our mission of saving businesses time and money."