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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/06\/26\/as-the-generative-ai-craze-rages-on-fintech-ramp-acquires-ai-powered-customer-support-startup-cohere-io\/<\/a><\/br> Want more fintech news in your inbox? Sign up <\/i>here<\/i><\/a>.<\/i><\/span><\/p>\n Finance automation company <\/span>Ramp<\/span><\/a> has acquired <\/span>Cohere.io,<\/span><\/a> a startup that built an AI-powered customer support tool, the companies told TechCrunch exclusively.<\/span><\/p>\n Founded in 2020, New York-based Cohere.io (not to be confused with Cohere, another AI startup that recently raised capital<\/a>) raised $3.1 million in <\/span>a seed funding round<\/span><\/a> led by Initialized Capital, later tacking on another $400,000 in funding. Other backers include Y Combinator, BoxGroup, Soma Capital, Shrug Capital and Chapter One. Angel investors include Plaid CEO and co-founder Zach Perret, Elad Gil, Naval Ravikant, Opendoor\u2019s Eric Wu, Prasanna Sankaranarayanan, Ramp co-founders Eric Glyman and Karim Atiyeh and Jack Altman, among others.\u00a0<\/span><\/p>\n The deal marks Ramp\u2019s first acquisition since it bought <\/span>Buyer<\/span><\/a>, a \u201cnegotiation-as-a-service\u201d platform that claimed to save its clients money on big-ticket purchases such as annual software contracts,<\/span>\u00a0in August of 2021 and second since its 2019 inception. Financial terms were not disclosed.<\/span><\/p>\n As reported previously by TechCrunch, <\/span>Cohere\u2019s three co-founders, <\/span>Yunyu Lin<\/span><\/a>, <\/span>Jason Wang<\/span><\/a> and <\/span>Rahul Sengottuvelu<\/span><\/a> (CTO), first met while attending Duke University. Interestingly, Lin later left to work for Ramp, but the others graduated during the pandemic.<\/span><\/p>\n After one year, Lin left Ramp to help start Cohere.io. And now Lin, <\/span>Sengottuvelu<\/span> and three other engineers have joined Ramp to drive AI-related projects with the goal of solving problems for Ramp customers \u201cin entirely new and radically more efficient ways.\u201d One salesperson is joining the Ramp team as well (Wang left Cohere in 2021).<\/span><\/p>\n Cohere.io told TechCrunch at the time of its raise in 2021 that its goal was to improve on the remote desktop and screen-sharing experience. With Cohere\u2019s technology, it claimed, businesses could help customers \u201cin seconds\u201d by taking instant control of their screen without any downloads or setup on the customer\u2019s end.<\/span><\/p>\n
\nAs the generative AI craze rages on, Ramp acquires customer support startup Cohere.io<\/br>
\n2023-06-26 21:54:11<\/br><\/p>\n