Today @karimatiyeh and I are both taking new titles as Co-CEOs of @tryramp.
If you know us, this won't feel like a change. From when we first started building together twelve years ago, our partnership has run on a couple of motivating principles. On decision-making, we trust each other completely to make critical calls for the company across every function. And on organization design, technology is not a distinct part of the company - it is the entirety of it. That is why Karim has for years directly managed risk, operations, and marketing.
Most importantly, at Ramp there is no line between the people who build and the people who do everything else. Everyone is a builder.
For the last 2,656 days, we have run the company this way. This only makes it formal. We thought it was important to do it now because of how we see the AI exponential reshaping what Ramp can be. Decisions of company strategy are increasingly decisions of technology and systems design. We have always believed every function should be approached as a systems-engineering problem (even when the system was primarily human) but the rise of machine intelligence makes this existential. Every part of the company must be positioned to leverage the continued explosion in model intelligence and capabilities. If we do this well, each step-change in what models can do compounds automatically into better products and faster execution without anyone having to rebuild the company to capture it. If we fail to operate this way we will ultimately be outcompeted by a new company that does.
We are also making Rahul Sengottuvelu our CTO. @rahulgs has led Applied AI at Ramp since joining us three years ago through the acquisition of his prior company, Cohere. Before that, his first company was building customer-service agents on GPT-3 at a time when almost no one knew what a large language model was, and he has spent every year since pushing the frontier of what existing models can do. He has also been right on nearly every major technical direction in AI well before it was obvious. Building Ramp now means applying AI to every part of it, and Rahul is the person stepping up to lead that work.
We are still very early in the history of Ramp. Our current chapter is perhaps the most dynamic, but we have never been more optimistic on where it is going and the mission has never been more important. The businesses that trust us are navigating the same shift we are, and we intend to be there for all of it: managing their token spend, supercharging their finance teams, and helping them get more out of every dollar and hour.
- Eric & Karim
Today, Ramp raised $750M at a $44B valuation.
Last time we grew this fast, we were 1/20th the size.
For 2000 years, business was built on two pillars. Today, a third: intelligence.
It’s your least governed cost. It’s also your single greatest opportunity.
Grateful for our customers, investors, partners, and most of all for our incredible team. Hard to believe it's only been two years.
Still a long way to go to build the future of software engineering - we are hard at work every day on making Devin even better! If you haven’t tried it in a bit, check it out and let us know what you think: https://t.co/1eSXfDfReg
1/ We’ve raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
Today we're announcing our Series C funding: $355M at a $4.65B valuation, led by some great investors @generalcatalyst and @Redpoint.
We've had insane growth in the last year, but we're still very early. So proud of the team and what we have built so far!
SCHOLARSHIP ANNOUNCEMENT! Saquon Barkley and I are teaming up to give 10k to one student from University of Illinois and 10k to one student from Penn State University.
For full time students of color pursuing a career in sports. Applications end June 18th.
Taylor Rooks and Saquon Barkley through their respective foundations are partnering to award $10,000 scholarships to two students of color, pursuing a career in sports (on or off the pitch/court).
Applicants must be current full-time students at Penn State or the University of Illinois, or graduating high school seniors accepted for full-time enrollment at either university. Application ends by June 18
last time @tryramp grew this fast year-over-year, we were 1/20th the size
~170% TPV growth in March. growth usually decays with scale — ours re-accelerated
on CNBC this morning with @carlquintanilla and @SaraEisen for the Disruptor 50
Scott Wu is the co-founder of Cognition AI, one of the fastest-growing companies in history. He’s also the greatest competitive programmer the US has ever produced. You may have seen him doing impossible card tricks and mental math.
You’ve never seen him asked about weed, Michael Jordan, cancer, and human consciousness over a punnet of strawberries. That is what Colossus editor-in-chief Jeremy Stern did on a recent visit to San Francisco.
For those less familiar with @ScottWu46: In 2nd grade, he entered a math competition for 7th graders, lost, and was so furious he still fumes about it 20 years later. The next year he entered the 9th-grade division as a 3rd-grader and got a perfect score.
Then he won first place at the US national middle-school math competition and three straight gold medals at the International Olympiad in Informatics, where he became the greatest American gold-medalist and coach in history.
Most of the people running the biggest AI companies met as teenagers, competing for their countries on international math and science teams. OpenAI’s Greg Brockman, Anthropic’s Dario Amodei, Meta’s Alexandr Wang, to name just a few.
Most agree that the von Neumann among them was Scott Wu.
In November 2023, a few weeks after his mother died of lung cancer, on the day Sam Altman was fired from OpenAI, Wu founded his own AI company: Cognition.
He was 26 and saw earlier than almost anyone that AI would converge on agents that work in the background, 24/7, like coworkers. He shipped Cognition’s AI software engineer Devin in March 2024. It worked poorly, and he took intense public criticism for it.
Now, in its first 18 months of service, Devin has generated $445 million of revenue run rate and usage has doubled every eight weeks. The US Army, Goldman Sachs, and Mercedes-Benz are all customers. Cognition is raising at a valuation around $25 billion.
@JeremySternLA sat down with Wu, the emperor of the nerds, to ask the questions we’d all ask one of the smartest people in America—building the most consequential technology of our generation—if we ever got the chance.
As well as MJ and weed, they talk about the cluster of competitive math prodigies behind so much of AI, what makes us human when AGI arrives, and why Wu believes he was put on this earth to teach AI how to code.
Read the piece below.
Come see two of the hardest working and most successful people I know, @traestephens and @saquon, speak about their careers, faith, and ambition... April 30 in NYC.
Hosted by @mddstephens and her @ACTS17org collective.
Link in 🧵
Come watch me pepper @saquon with questions about Jesus and @kareemszaki with questions about football in NYC on April 30th for the next @acts17org event. Registration link in 🧵
NEW: Memphis football doesn’t practice with music…
Head Coach Charles Huff explains why: “When the Navy SEALs get ready to go on a mission, they’re not listening to Lil Baby.” 😳