Ramp plans to build a new team consisting of engineering, product, marketing, and sales staff with the investment it received.
Based in the USA, Ramp is a startup that uses artificial intelligence to automate financial operations. In an investment round led by Iconiq Growth, investors including Founders Fund and D1 Capital Partners invested $500 million in the company. This investment raised Ramp’s valuation to $22.5 billion.
Founded in 2019, Ramp launched its AI agent in July, which helps finance teams automate repetitive tasks. The company increased its annual revenue to $700 million in March and serves over 40,000 customers.
Currently employing 1,200 people, Ramp plans to expand its workforce with the new investment. The new teams will mainly focus on developing and marketing the AI agents.
Ramp CEO Eric Glyman said that in the future, the AI agents could also be used in supply chain management and accounting. He emphasized that “We are teaching software to think like humans,” and highlighted that automation will play an even bigger role in finance moving forward.
