GP @ ICONIQ
Palo Alto, CA
Joined February 2014
- Tweets103
- Following461
- Followers219
- Likes36
It’s finally here 👀
When @karimatiyeh first told me about Inspect, it blew my mind. The limitless potential it would unlock for the team was hard to wrap my mind around. I quickly saw it as the perfect embodiment of Ramp’s builder-first culture and the secret sauce behind the team’s torrid product velocity.
Anyone who knows me has heard me hyping Inspect ever since. I point to Ramp as the example for founders and portfolio partners of how to use AI to sharpen product focus and engineering excellence as development keeps speeding up.
And today, I couldn’t be more excited that @tryramp is finally bringing Inspect to the broader market and showing the world what makes this team so special.
Can’t wait to see what people build with it.
Roy Luo retweeted
we made another commercial with tony hawk and bam margera. things are escalating
team is filming part iv live at the nyse tomorrow
$2B+ in annualized revenue, cash flow positive, and @tryramp is growing faster than a year ago at more than twice the size.
$275B+ in annualized purchase volume, up 175% YoY. Median customer saves 7.5%, up from 5%.
From all of us at @ICONIQCapital, congratulations to @eglyman, @karimatiyeh, and the Ramp team. It's been an amazing run and we're only just getting started!
43% of the value of US B2B invoices went overdue last year. Most finance teams are still chasing that cash across contracts, PO PDFs, email threads, and spreadsheets.
@tryramp now runs the other side of the ledger. Ramp Accounts Receivable turns contracts into invoices, drafts the collections follow-ups, matches payments back to the books, and builds the rev rec schedule. Money out and money in, one system.
Congrats @eglyman, @karimatiyeh, and the @tryramp team! 👇
Ramp helps you spend less. Now, we’re helping you get paid faster.
Today we’re launching @tryramp Accounts Receivable!
It’s been our #1 customer request. 100+ businesses are already using it and the early reactions are extraordinary.
I think you’re going to love it.
AI token spend is up 21x in a year across Ramp customers — and most finance teams can't see where it's going.
@tryramp now lets you see, understand, and control AI spend end-to-end. Avg customer finds 12% in savings; 1 in 3 finds a cheaper model that works just as well.
Proud partners to @eglyman, @karimatiyeh, and the Ramp team. This is the platform every CFO needs for the AI era. 👇
AI is extremely good at spending your money very quietly.
our own token spend went from a rounding error to more than 10% of payroll in a year. one week in May we burned through $1.5 m. our CFO didn't love telling me that number, and he really didn't love telling the internet.
but every finance leader we talk to is living the same story. the bill keeps going up and teams can't answer basic questions about it. which team is driving it? which models they're using? what changed this month? whether a cheaper model would do the same job?
so finance gets two bad options: keep paying and hope, or cut broadly and slow down the work that's actually compounding.
we built a third one. Ramp now connects to OpenAI, Anthropic, Gemini, Cursor and pulls it all into one place. see it, understand it, control it - down to a single API key. built with 1,000+ companies managing 100T+ tokens a month, and now spending less than they expected too! try it today at ramp.com/ai-cost-monitoring
Roy Luo retweeted
public benchmarks are saturated. every frontier model has trained against them, and the leaderboard tells you near nothing.
we built ours from inside ramp — code no model has seen, graded against the bar our engineers ship to.
every company running on AI needs its own.
Congratulations and thrilled for the @ninjaone team on their Series C extensions at a $12.3B valuation!
The world is changing at a torrid pace. AI multiplies and adds complexity to the IT environment — laptops, servers, IoT, robots, agents — the endpoint is exploding exponentially. Every new AI-powered entity is one more node IT has to monitor, manage, secure, patch, and control.
NinjaOne is the control plane for that world. Autonomous patching, vulnerability management, remediation, unified management across an IT surface that grows every time someone ships a new agent, a new piece of hardware, a new chip, a new communication channel.
True to the NinjaOne spirit, these rounds come in tandem with a furious pace of new product releases. Sal and Chris have always built with a relentless obsession over their customer, and the rapid expansion of the platform surface area and velocity of build has been incredible.
We at @ICONIQCapital are grateful to have been partners with you throughout this remarkable journey and excited for all there is to come!
Press: bloomberg.com/news/articles/…
Today is Day 2,635 at Ramp.
Yesterday the team shipped Ramp Stack — the next line of AI products, an operating system built for the way finance actually works, already live across thousands of accounting firms.
Today, we’re thrilled to share that ICONIQ is co-leading Ramp’s Series F, 309 days after we led the Series E-2.
The sequencing says it all. Most companies raise, then promise to build. Ramp builds, then raises to build faster. We’ve witnessed this up close for the past several years — ever since first investing in the early days, and again when we led the Series E-2 last year — and the product velocity is still unparalleled.
Underpinning all this: @tryramp is the leading AI lab for finance. The clearest proof is in what they build for themselves. Ramp Inspect, their home-built coding agent, now drives half of all human-initiated changes to the production codebase. Ramp Glass gives every employee a fully wired AI workspace on day one. Stack outperformed general-purpose models on 200+ accounting tasks. The same intelligence Ramp puts in its customers’ hands is the intelligence running the company itself.
The market rewards whoever keeps shipping. Ramp has done exactly that for 2,635 days straight — and they’re still accelerating.
Congratulations @eglyman, @karimatiyeh, and the entire @tryramp team! Grateful to keep building alongside you, and for all that lies ahead!
Accounting has a 300,000-person talent gap and a 20-year low in new graduates. @tryramp Stack doesn't help firms prompt their way through it. It does the work. This is what AI-native actually looks like.
Roy Luo retweeted
Companies that were experimenting with AI a year ago are now standardizing around platforms they expect to power core workflows for years to come. Increasingly, they’re choosing Claude.
We’re honored to co-lead @AnthropicAI's Series H—our third consecutive round partnering with Anthropic as they help define this era of AI.
From @claudeai Code to industry-specific applications, Anthropic has evolved into a platform delivering measurable enterprise impact.
Read more: bit.ly/42YgeQj
Roy Luo retweeted
Business purchasing is broken. Today we're fixing that.
We're giving every Ramp customer access to AI agents that can source vendors, review contracts, run approvals, negotiate pricing, check compliance, and handle payments and renewals.
This is more important than ever when AI adoption has crossed 50% of US businesses and the average AI contract has gone from $39k to over half a million in two years. The complexity outgrew the process.
Early results: customers saving 16% annually on vendor spend. 46 hours per month of manual purchasing work eliminated. Approved requests moving 3x faster.
This one has been a long time coming. Excited to say that the new era of Ramp Procurement is now available to over 50,000 teams
More on what we built below.
Roy Luo retweeted
Uncommon founders build uncommon companies.
We're honored to partner with the ones defining the AI era.
Thank you to @matiii and @MaxJunestrand for sharing your perspectives and @nmasc_ and @Bloomberg @technology for helping tell our story.
Read more: bloomberg.com/news/articles/…
Disclaimer: bit.ly/4tSG5Ev
Roy Luo retweeted
Funny you mention lemonade stands. My kids just launched theirs on Ramp. $5K ARR after day one. Currently raising a Series A.
Investors: DM me. They're very serious about unit economics. Margins on lemonade are unreal. Fully vertically integrated with lemons growing in the backyard.
If your kid’s lemonade stand processes 0.5–1% of US GDP, then yes, that’s a fair analogy for @tryramp.
Ramp’s data is useful for the same reason it gets cited at all: it is quite consistent with the revenue figures OpenAI and Anthropic release. If it weren’t, no one would care.
Roy Luo retweeted
If your kid’s lemonade stand processes 0.5–1% of US GDP, then yes, that’s a fair analogy for @tryramp.
Ramp’s data is useful for the same reason it gets cited at all: it is quite consistent with the revenue figures OpenAI and Anthropic release. If it weren’t, no one would care.
Roy Luo retweeted
I think a lot about leverage. In product. In engineering. In finance. The best teams don’t win because they work longer hours. They win because the system around them compounds their effort.
Finance is full of high-judgment people doing low-leverage work like coding transactions and reviewing recurring spend. When your best operators spend days each month moving information from one system to another, you’re burning effort on repetition.
Over the last few months, we’ve been building toward a different model with customers. Ramp’s Accounting Agent codes transactions at the moment of spend. It fills required fields, learns from historical corrections, auto-syncs low-risk items, and accrues what’s missing so the ledger reflects reality in real time.
At @perplexity_ai for example, 97% of transactions are now auto-coded. That means review becomes about anomalies. Conversations shift toward planning. That’s our bar.
Not “more automation.” More leverage per person. If we can help finance teams spend their time on decisions instead of data movement, we’ve done something meaningful.
We’re early. But this is a step in that direction.
There are two non-negotiables in accounting: the books must be correct, and they must be ready on time.
For decades, companies have satisfied those constraints through an extraordinary amount of manual effort. Highly trained professionals code transactions, re-approve familiar expenses, reconcile mismatches after the fact, and compress all of it into the ritual of month-end close.
It works. But it is fundamentally retrospective.
Today, @tryramp is introducing an Accounting Agent designed around a different premise: what if bookkeeping happened as the business operated, rather than after it?
The agent captures, codes, reviews, validates, accrues, and reconciles spend continuously. It learns directly from the people who understand the nuances best, the accounting team itself, and applies that context in real time.
At @perplexity_ai, where velocity is part of the company’s identity, this has allowed their team to stop choosing between speed and accuracy. The majority of transactions are now coded automatically while remaining audit-ready, enabling close to start on day one instead of day thirty.
What’s been most striking is how the system learns the subtle, company-specific logic that historically lived only in human judgment. As Jim Romano, CFO at @statesidevodka, described it, the agent is already identifying patterns like when spend belongs in samples rather than travel and entertainment — the kinds of decisions that typically require institutional memory. As he put it, the goal is simple: finance teams should focus on exceptions, not the easy stuff.
We’re also seeing the second-order effects emerge quickly. Teams report spending dramatically less time reviewing transactions and substantially more time on planning, analysis, and growth. As one CFO told us, “What used to take hours of manual review now happens automatically. I’m spending nearly all of my time thinking about where the business should go, not retracing where it’s already been.”
There is a broader shift underway in accounting. The central question is moving from “what parts of close can be automated?” to “should close even be a discrete event at all?”
One belief that increasingly guides our work at Ramp is that information latency inside companies is an invisible tax. When financial truth lags behind operational reality, organizations make slower and often worse decisions. As transaction data becomes inherently digital and systems become capable of learning institutional context, continuous close stops being aspirational and starts becoming inevitable.
One thing that surprised us while building this: accounting isn’t constrained by a lack of rules — it’s constrained by how many of those rules are unwritten. Much of financial operations lives in patterns that experienced teams simply know. Seeing software begin to absorb and apply that tacit knowledge has been one of the clearest signals that accounting is entering a new phase.
Accounting has always been the record for business reality. Our goal is to help it become something closer to real-time truth.
Proud of the team, and grateful to the customers building this alongside us.
Thrilled to be deepening our partnership with @AnthropicAI! Just an incredible journey so far and we at @ICONIQCapital couldn't be more grateful. We're still just in early innings and excited for all the milestones to come!
