Quebec, Canada-based intelligent enterprise search and predictive insights platform Coveo which helps businesses utilize the power of search has secured $172 million in a private equity round led by OMERS Growth Equity. With this round of investment, the firm says that it has touched $1-billion mark in terms of its valuation.
Prior to this round, the firm had raised $100 million last year in April when Evergreen Coast Capital led the round. The current infusion takes the total amount raised by the firm to $339.4 million. Founded in 2005 by Laurent Simoneau, Marc Sanfacon, and Richard Tessier, Coveo develops search and personalization services powered by artificial intelligence which customers use as a software-as-a-service offering.
Louis Tetu, the CEO and the chairman of the firm talking about the company said, “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.”
OMERS managing director Mark Shulgan talking about the financing in Coveo says, “We believe that Coveo is the market leader in leveraging data and AI to personalize at scale. Coveo fits our investment thesis precisely: An A-plus leadership team with deep expertise in enterprise SaaS, a Fortune 1000 customer base who deeply loves the product, and a track record of high growth in a market worth over $100 billion.”
The firm claims to have more than 1500 clients with the likes of Visa and Tableau being their biggest clients. With more money pouring, the firm will look to increase those numbers.
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