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May 18 - Ramp, a developer of financial management software, said it plans to offer new artificial intelligence tools from Thursday, including a feature that can determine if a company is overpaying on its software contracts.

The New York-based startup, which offers a corporate card platform used by over 15,000 businesses, has raised $1.4 billion from a slew of investors since it was founded in 2019. These include Microsoft Corp (MSFT.O) CEO Satya Nadella, Goldman Sachs (GS.N), Redpoint Ventures and Thrive Capital.

With the introduction of new AI features, corporate finance teams will have improved oversight, Ramp CEO Eric Glyman told Reuters.

For instance, companies will be able to better detect unusual employee spending in real time, said Ramp investor Logan Bartlett of Redpoint Ventures.

The new features also include an accounting co-pilot that makes doing manual tasks much faster.

Generative AI has the ability to synthesize large amounts of data and interact using humanlike language. Ramp partnered with OpenAI, the AI behind the chatbot sensation ChatGPT, to build the AI enhancements.

Reporting by Anna Tong in San Francisco; Editing by Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Anna Tong is a correspondent for Reuters based in San Francisco, where she reports on the technology industry. She joined Reuters in 2023 after working at the San Francisco Standard as a data editor. Tong previously worked at technology startups as a product manager and at Google where she worked in user insights and helped run a call center. Tong graduated from Harvard University.Contact:4152373211

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Ramp to introduce AI tools for tracking business costs - Reuters