FinTech firm Ramp has announced the acquisition of Cohere.io, a leading AI-powered customer support platform.
This collaboration brings together two game-changers in the realm of artificial intelligence (AI), with a shared commitment to driving cutting-edge AI solutions in finance.
The partnership comes in response to the rapid advancement of AI technology and its growing application across industries. The main goal is to leverage AI in delivering vendor price intelligence, optimising expense management, and providing a reliable accounting co-pilot to businesses.
Ramp has established its mark in the industry by pushing AI frontiers to save businesses time and money through its innovative offerings, such as Ramp Intelligence. On the other hand, Cohere.io, under the leadership of Yunyu Lin and Rahul Sengottuvelu, has made significant strides in generative AI and machine learning, promising to further enhance Ramp’s AI capabilities.
The partnership will enable the deployment of the generative AI expertise of Cohere.io to improve the customer feedback process and help support teams resolve tickets faster. At the same time, the integration of Cohere.io’s team will accelerate Ramp’s capacity to deliver innovative AI solutions, thereby helping its customers realise greater savings.
Cohere’s CEO, Yunyu Lin, and CTO, Rahul Sengottuvelu, both bring invaluable expertise to the table. Lin, a former Ramp employee, has an impressive track record in applying AI across various sectors, including FinTech and autonomous vehicles. Meanwhile, Sengottuvelu, the creator of the popular open-source library jsonformer, has an established reputation in AI, particularly in extracting useful information from unstructured data.
The acquisition is projected to significantly enhance Ramp’s offering, allowing businesses to streamline complex financial operations. This includes codifying and automating all financial processes, irrespective of their complexity, and facilitating contract extraction and pricing intelligence from receipts, invoices, and other expense documents.
Cohere.io co-founder and CTO, Rahul Sengottuvelu, said, “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.”
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