Coveo Gets $227M for Future of Work using AI and Intelligent Search

Coveo is no stranger to our parent company TMC – we gave them a CRM Excellence Award as well as one for the Product of the Year.

The company uses AI and intelligent search technologies to personalize millions of digital experiences for customers, partners, dealers, and employees. Coveo combines unified content, unified interactions and machine learning to deliver relevant information and recommendations across every business interaction.  Websites, commerce, contact centers, intranets and digital properties and apps become effortless, content-rich and effective. Coveo is also embedded in many leading business applications from vendors including Salesforce, ServiceNow, Sitecore, Dynamics and more. Coveo partners with the world’s largest enterprise technology players and has more than 1,500 deployments in mid-to-large sized global organizations across multiple industries. 

They just raised $227 million in funding. The investment was led by OMERS Capital Private Growth Equity Group based in Toronto, New York, and London, with participation from existing investors and other financial institutions including Evergreen Coast Capital, FSTQ, and IQ.

Louis Tetu, CEO and Chairman of Coveo

“Companies from VISA to Tableau see us as a key platform to meet the challenges of doing business in today’s data-driven AI-takes-all economy,” said Louis Tetu, CEO and Chairman of Coveo. “We believe that to serve a million people you need to deliver a million unique experiences. We help businesses globally become digital experience leaders and compete against digital giants, using data and AI to deliver the personalized, predictive and profitable experiences expected in today’s market.”

Coveo works with over 500 companies and enable them to be relevant, coherent, and optimize interaction profitability. This is highly valuable for web, commerce, service, and workplace applications.

Mark Shulgan, Managing Director and Head of Growth Equity at OMERS

“We believe that Coveo is the market leader in leveraging data and AI to personalize at scale,” said Mark Shulgan, Managing Director and Head of Growth Equity at OMERS. “Coveo fits our investment thesis precisely: an A-plus leadership team with deep expertise in enterprise SaaS, a Fortune 1000 customer base who deeply love the product, and a track record of high growth in a market worth over $100 billion. This makes Coveo a highly-coveted asset. We are glad to be partnering to scale this business.”

The funding round caps a year with SaaS subscription revenues growing more than 55 percent year-over-year, and a continual stream of product releases – including a recent commerce AI acquisition – across its cloud-based AI personalization, recommendations and search platform. Coveo now has 500 employees and continues to grow its teams located in offices based in Quebec City, San Francisco and London. 

According to Tableau Senior Program Manager, User Experience, Dave Jobling, “Coveo has been a strategic partner. They helped us save $18M a year in support overhead as part of our digital transformation initiatives.”

“Coveo gives companies like ours a competitive edge by enabling us to anticipate and meet our customer needs,” said Amy Gath, Vice President of Marketing at Formica. “With rich content navigation and powerful personalization, formica.com has seen a double-digit increase in visitors and conversions up triple digits.”

“Companies need to look at harvesting data and using AI as a way to scale their businesses – especially their customer service and support organizations. According to our State of Support Services 2019 Report, the need for AI technology in customer service and support is very high,” said John Ragsdale, Distinguished Vice President Technology Research at the Technology Services Industry Association. “AI personalization through intelligent recommendations and search platforms, such as Coveo, are my top recommended investment. Indexing all content and data in the customer journey – from initial outreach to support – and then applying AI to automatically recommend the most relevant next step for the customer or employee, puts Coveo in an excellent position for future growth,” he continued.

Coveo is advancing the future of work with AI-infused tools which allow workers to become more valuable to organizations by giving them tools that allow them to do their jobs more effectively. This funding further validates the success the company and industry are having in boosting corporate productivity using AI and ML.

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