Artificial Intelligence Startup Joins Ramp to Bring Generative AI to Finance

AI technology is rapidly evolving and its applications even faster. Ramp says they are dedicated “to pushing the frontiers of AI to help businesses save time and money,” using GPT to deliver price intelligence, expense management, and more.

As stated by the company’s management, they have acquired, an AI-powered customer support platform that claims to be “at the forefront of generative AI and machine learning work.”

Led by Yunyu Lin and Rahul Sengottuvelu, the six-person Cohere team “brings incredible talent that will greatly further [Ramp’s] investment in AI innovations and accelerate their ability to help our customers save even more.”

Yunyu Lin said:

“Generative AI has the potential to help enterprises unlock a treasure trove of intelligence from the data they already have. We’re excited to apply what we’ve learned from the platform to deliver powerful, trustworthy AI that helps customers understand and automate their finances.”

Deepening our AI expertise to drive real customer impact

As noted by Ramp’s management:

“I’ve long been impressed by Cohere’s use of generative AI and LLMs to improve the flow of customer feedback to product teams and help support teams resolve tickets faster. Their CEO and co-founder Yunyu Lin has applied AI to a wide range of other industries, including fintech and autonomous vehicles. In fact, he has deep roots with Ramp as a former early-stage Ramp employee working on the core platform—we’re glad to welcome him back to the team.”

‍They added:

“I’m also delighted to be working with Cohere’s CTO and co-founder Rahul Sengottuvelu. As the creator of the popular open source library jsonformer, he brings highly regarded AI expertise, used to extract useful information from unstructured data. Before co-founding Cohere, Rahul spent time working on Applied AI at Meta and crafting interfaces at Superhuman.”

‍At Cohere, the team built generative AI and LLMs “that successfully extracted and analyzed companies’ historical customer support data to resolve questions similar to the ones support teams were seeing in real time.”

Long before ChatGPT became mainstream, their technology was “helping businesses automatically resolve up to 60% of tickets in a reliable and accurate way.”

Over 200 companies—”including Ramp and other high-growth businesses like Deel, Loom, and SecureFrame—used Cohere to streamline their support operations and deliver better customer experiences.” Their success led “to $3.5 million in funding from Initialized Capital, Y Combinator, and others.”

Rahul Sengottuvelu added:

“At Cohere, our focus was building responsible, transformative AI products that accelerate and augment workflows. We’re going to continue doing this at Ramp to fuel the next chapter of growth, and to continue our mission of saving businesses time and money with responsible AI.”

The Cohere team claims that it “has a proven track record of applying generative AI to reduce the manual work of customer support teams.”

They’re excited “to apply their deep expertise to financial operations in fresh and interesting ways.”

‍Already they claim to be “leading efforts to enable people to request and generate multi-step workflows without needing to know a single line of code.”

This will pave the way “for organizations to codify and automate all of their financial processes in Ramp, no matter how complex.”

‍The team is also “building out Ramp’s capabilities to power contract extraction and pricing intelligence from receipts, invoices, and other expense documents.”

This will allow them “to ensure customers always get the best price on software.”

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