Financial operations platform Ramp said Monday (Nov. 17) that it closed a $300 million primary financing round as well as an employee tender offer.
The company is now valued at $32 billion, it said in a press release.
Ramp’s valuation has been rising this year. The company was valued at $13 billion in March when investors purchased secondaries from employees and early investors; $16 billion in June when it raised $200 million in Series E financing; and $22.5 billion in July when it raised $500 million a Series E-2 round.
Ramp’s latest valuation came about four months after the company began rolling out its first artificial intelligence agents, according to the release.
The company released its first set of AI agents, Agents for Controllers, in July, and its second, Agents for AP, in October, per the release.
In October, Ramp’s AI made more than 26 million decisions across over $10 billion in spend. The company said that during the month, its policy agent prevented more than 511,000 out-of-policy transactions, saving its customers over $290 million; its treasury agent moved $5.5 billion from idle cash to 4% investments; its fraud agent blocked a $49,000 AI-generated fake invoice; and its travel agent saved a customer $113 on an upcoming trip.
As of Nov. 1, Ramp was serving more than 50,000 customers — twice as many as it was serving a year earlier — and enabling more than $100 billion in annualized purchase volume, according to the release.
“Our goal is to make every customer more profitable,” Ramp Co-founder and CEO Eric Glyman said in the release. “On average, companies that switch to Ramp spend 5% less and grow 12% faster — results that outpace nearly every benchmark.”
In a Monday blog post, Glyman said that companies run better when “thinking money” powered by AI automates some tasks.
Speaking of the typical Ramp customer, Glyman said: “They’re closing books in days instead of weeks, running leaner teams and compounding efficiency gains quarter after quarter.”
When Ramp launched its first AI agents in July, the company said its controller-centric agents do away with redundant tasks and manage entire workflows on their own.
Source: https://www.pymnts.com/