Quebec based Coveo has announced a raise of $227 million (172 million USD). The round was led by OMERS Growth Equity. and brings the company’s valuation to over $1 billion, making it Canada’s newest technology unicorn. Evergreen Coast Capital, FSTQ, and IQ. also participated in this round. This also marks the 3rd raise of $200 million or more by Quebec companies in the last 6 months (Sonder, Element AI). This as Canada’s record year for venture capital continues.
CEO Louis Têtu says his company will use this new funding to accelerate growth by expanding its offerings, leveraging machine learning to drive personalization and recommendations.
“We expect this growth to be both organic and through pursuing strategic acquisition targets; for example, earlier this year we acquired Tooso to expand our AI and Knowledge Graph capabilities. This allows us to deliver world class AI Semantics and other advanced capabilities such as propensity and intent detection, natural conversation understanding, etc., all crucial to enable world-class digital experiences.” Têtu said in a statement.
Recruitment across all areas of the business remains a priority. The company now has about 500 employees, growing at a clip of 60 new employees per quarter.
Coveo has spent the last 14 years perfecting its technology. Now, not only are they taking in every datapoint from the digital journey for the user, across all web, commerce, service and assisted journeys and channels, but they’re also providing a platform that lets customers control how they maximizing the business’ growth, margins customer experience, etc. A business using Coveo globally can control every digital experience using data and AI. This is something Coveo claims only it can do at scale.