Cohere, an AI-powered customer support automation platform that uses generative AI and LLMs to study past interactions to optimize customer service, has been acquired by Ramp, the business finance automation and spend management platform that includes bill payments, corporate cards, and accounting. Terms of the transaction were not disclosed. “At Cohere, our focus was building responsible, transformative AI products that accelerate and augment workflows,” remarked Rahul Sengottuvelu, CTO and Cofounder, Cohere. “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.”
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. – Rahul Sengottuvelu
Founded by Jason Wang, Yunyu Lin, and Sengottuvelu in 2020 and a member of the YC20 class, Cohere had raised a total of $3.5M in total reported equity funding. Backers of the company include Y Combinator, BoxGroup, Initialized Capital, Soma Capital, Shrug Capital, Chapter One Ventures, and Nick Candito. While the team will join Ramp, the core Cohere product will be available under a new brand Cardina. This marks the second acquisition for Ramp, which previously acquired Buyer in the summer of 2021.
“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,” said Eric Glyman, CEO, Ramp. “We’re committed to investing in high-quality, AI-native talent to deliver transformative solutions for our customers.”
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. – Eric Glyman
