Coveo has secured $35 million in Series D financing to fund the company’s future growth.
The round was led by IQ Venture Capital with participation from existing investors, including Tandem Expansion Fund, BDC Capital, Propulsion Ventures SEC, Fonds de solidarité FTQ, and Coveo CEO Louis Tetu.
Coveo has raised $75 million in financing to date.
Coveo’s strategy is to become the de facto technology that businesses and enterprise platforms use to recommend the most relevant information, people, products and services for customer and employee engagement.
The funding will help speed the launch of additional intelligent search apps for large enterprise technology ecosystems where contextual insights from outside the platform are critical to delivering unified, engaging experiences. Coveo also plans to make further investments in sales and marketing, R&D and product groups, and will also grow its team in those strategic areas of the business.
“There is incredibly strong demand for intelligent search-based apps, which enable more relevant, digital customer engagement and a more agile and engaging digital workplace,” said Louis Tetu, CEO of Coveo. “Coveo helps to engage customers with more relevancy and upskill employees everywhere they work, with the insights that matter.”
Pierre Gabriel Côté, CEO of IQ Venture Capital, said, “Coveo is an innovative, cutting-edge company with an outstanding management team and a proven track record in the global technology arena.”
In Q3, and for the second consecutive year, Coveo was recognized as the most visionary leader in Gartner’s 2015 Magic Quadrant for Enterprise Search. The company was also named a leader in Big Data Search and Knowledge Discovery by Forrester Research in September.