Quebec City intelligent search for enterprise app developer Coveo has has secured $35 million in Series D funding, bringing its total financing to $75 million. The round was led by IQ Venture Capital with an assist from existing investors, including Tandem Expansion Fund, BDC Venture Capital, Propulsion Ventures SEC, Fonds de solidarité FTQ, and Coveo CEO Louis Têtu.
“Coveo is an innovative, cutting-edge company with an outstanding management team and a proven track record in the global technology arena,” said IQ Venture Capital CEO Pierre Gabriel Côté. “Our investment will enable it to grow faster and clearly demonstrates our desire to help build a Quebec-based technology business able to stake out a leading position on the world stage.”
Coveo’s Q3 results showed an 80% year-over-year increase in revenue, signing up new customers during the quarter including Adobe, Genesys, Gigamon, WatchGuard, Tessco Technologies, Sanofi, Toro, and the U.S. Department of Agriculture, adding to their roster of over 1,500 mid to large size enterprise customers.
“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 Coveo CEO Louis Têtu. “Coveo helps to engage customers with more relevancy and upskill employees everywhere they work, with the insights that matter. With this round of funding, we will invest to bring these data-powered experiences to entirely new areas and ecosystems, replicating the immense success we have had to date, at scale.”
Before Coveo, Têtu was co-founder and CEO of human capital management firm Taleo before that company was acquired by Oracle in 2007 for $1.9 billion.
Coveo partners on its main offering with Salesforce and Sitecore, providing intelligent search cloud platforms specific to those companies as well as its own Coveo Cloud, helping to recommend relevant content to employees across in-house IT systems.
Also in Q3, for the second consecutive year, Coveo was recognized as the most visionary leader in Gartner’s 2015 Magic Quadrant for Enterprise Search, and was also named a leader in Big Data Search and Knowledge Discovery by Forrester Research in September.
Coveo plans to use the funding to develop more company-specific apps, as it has already with Salesforce and Sitecore, as well as to boost hiring in hiring in its sales and marketing, R&D and product groups.