US-based finance automation platform Ramp has acquired artificial intelligence (AI)-powered customer support platform Cohere.io.
The financial terms of the deal were undisclosed.
Founded in 2020, Cohere.io leverages generative AI and large language models (LLMs) to resolve customer support tickets automatically with greater precision and reliability.
The company has secured more than $3.5m in venture capital from Initialized Capital and other investors.
It is also said to have attracted more than 200 customers at complex, multi-product organisations, including Ramp, Loom, Deel, and SecureFrame.
According to Ramp, Cohere.io extracts companies’ historical customer support data and applies it to similar queries in the future.
Ramp CEO Eric Glyman said: “We’re excited to welcome Yunyu, Rahul, and the Cohere.io team to Ramp, where they will continue to build differentiated, AI-powered products that make businesses and their people more efficient and effective.
“We’re committed to investing in high-quality, AI-native talent to deliver transformative solutions for our customers.”
Cohere.io’s team will take the lead on projects developing with AI at Ramp to discover time and money saving opportunities for customers in fresh and creative ways, said the finance automation platform.
The initial projects involve enhancing Ramp’s capability to analyse big volumes of unstructured and structured data for customers to receive the best price on software.
Besides, the projects will focus on making workflows even more automated by consistently and accurately executing multi-step procedures on behalf of clients.
Cohere.io chief technology officer and co-founder 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.”
