Coveo, a Quebec, Canada-based provider of solutions that enable actionable insight from Big Data, has raised $18m in funding.
The round was led by Tandem Expansion Fund, with participation from major existing investors including BDC Venture Capital, Propulsion Ventures SEC and Fonds de solidarité FTQ.
The company intends to use the capital to expand its sales and marketing efforts, and to scale operations.
Led by Louis Têtu, Chairman and CEO, Coveo has developed a search technology that aims to bring together the information from social, enterprise and cloud-based systems, and make it relevant to users and customers. The company, which serves more than 400 customers including CA Technologies, Lockheed Martin, YUM! Brands, GEICO and Boston Children’s Hospital, offers different lines of products that bring insight to CRM for Sales & Customer Service, Web Content Management systems for personalized online experiences, and Enterprise Content. It recently launched Coveo for Salesforce, a cloud-based application integrated into the Salesforce.com UI that automatically recommends content relevant to what the user is working on (e.g. an account, a lead, an opportunity, a case). The solution is currently available for free trial via www.coveo.com, and is expected to be available via the Salesforce AppExchange within the next few weeks.
In conjunction with the funding, Tandem Managing Director Andre Gauthier has joined the company’s Board of Directors.