Coveo, a Canadian startup that provides text search technology to organizations, announced yesterday that it has successfully raised an $18 million funding round that was guided by the Tandem Expansion Fund, the biggest late stage technology investment firm in Canada.
Aside from Tandem Expansion Fund all the existing Coveo backers also took part in this funding round, including Propulsion Ventures SEC, Fonds de solidarité FTQ and BDC Venture Capital. With this fresh investment, Coveo will also welcome a new member to its Board of Directors thanks to Tandem Expansion Fund, as their Managing Director, Andre Gauthier will join them effective immediately.
On this occasion Mr. Gauthier said that, “Our investment philosophy is to find great companies at a stage where they are ready to take their growth to the next level. Coveo has invested heavily in its technology, the market timing is a perfect storm for solutions that enable greater insight into highly fragmented data, and its customers rave about the ROI of the technology. We think Coveo is about to experience explosive growth.”
And to “experience” this “explosive growth” the text search technology provider will use this investment to scale its marketing efforts, sales and operations beforehand in order to deal with the hyper growth they are anticipating in the coming days because markets continue to saturate solutions that are enabling organizations to have insight from Big Data.
As Chairman and CEO of Coveo, Louis Têtu said, “Companies are struggling mightily with big, fragmented data, and are recognizing the need for powerful information access and consolidation technologies like never before. This is a major shift brought on by the need to better engage with customers, ensuring that every customer experience is more relevant and additive. The goal of the social enterprise is to connect customers and people at the centre of all operations, and this is what Coveo enables through information.”
Source: Coveo
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