# Coveo Solutions

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/coveo-solutions

- Industry: Software
- Headquarters: Quebec City, Canada
- Website: www.coveo.com
- Total disclosed funding: $222M
- Latest round: Series F (Nov 6, 2019)
- Investors on record: 9

## About

Founded in 2005 as a spin-off of Copernic Technologies Inc. by CTO Laurent Simoneau and based in Quebec, Canada, Coveo Solutions, Inc. operates as a provider of artificial-intelligence information access and enterprise search solutions. In November 2019, Coveo Solutions, Inc. raised CAD 227 million in Series F funding led by investor OMERS, with participation from Elliott Management, Evergreen Coast Capital, Fonds de Solidarité des Travailleurs du Québec, and IQ Capital Partners. The Series F funding values Coveo Solutions, Inc. at CAD 1.46 billion post-money. In October 2021, Coveo Solutions, Inc. announced the acquisition of Qubit, an AI-powered personalization technology for merchandising teams, based in London, UK. 90 Qubit employees will be joining Coveo, bringing the total number of Coveo employees to more than 750 located around the world. In November 2021, Coveo Solutions, Inc. raised CAD 215.1 million in an IPO, selling 14.34 million shares at CAD 15 per share on the TSX. The company trades on TSX under the ticker symbol CVO.

The company's Coveo platform provides AI-powered search that connects people to the most relevant information, insights, and answers. It also provides recommendations for people based on their previous search history. Coveo platform is also capable of providing automated content personalization and discovery by understanding each individual's choices. The company also provides an optical character recognition module, a PDF search engine, and a platform for mobile smartphones and tablet PCs. 

Coveo Solutions, Inc. earns revenue through its SaaS-based platform that is offered on a subscription-based pricing plan billed monthly. The plans include Base, a search engine for a single site, product catalog, or intranet, billed at USD 600 per month. Pro, a search engine for a multi-site, multi-source digital experience, billed at USD 1320 per month. Enterprise, which provides omnichannel search, recommendation, and content personalization, pricing is available on request.  
 
Coveo Solutions, Inc. plans to use the Series F funding to support the product development, expand in existing and new markets, and broaden the team’s capabilities over the next year. After the acquisition of Qubit, the company plans of further expansion into the UK and European markets.

## Funding rounds

- Series F, Nov 6, 2019, $173M — OMERS, Fonds de Solidarité des Travailleurs du Québec, Elliott Management, Investment Quebec
- Series D, Nov 5, 2015, $35M — BDC Capital, Fonds de Solidarité des Travailleurs du Québec, Propulsion Ventures, Tandem Expansion, IQ Capital
- Series B, Dec 8, 2009, $8.2M — BDC Capital, Fonds de Solidarité des Travailleurs du Québec, Propulsion Ventures
- Series A, Oct 25, 2006, $6M — Fonds de Solidarité des Travailleurs du Québec, Propulsion Ventures, Accès Capital Québec

## Investors

- Fonds de Solidarité des Travailleurs du Québec — Series A, Series B, Series D, Series F
- Propulsion Ventures (https://capitalatlas.ai/funds/propulsion-ventures) — Series A, Series B, Series D
- Accès Capital Québec — Series A
- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Series B, Series D
- Tandem Expansion (https://capitalatlas.ai/funds/tandem-expansion) — Series D
- IQ Capital (https://capitalatlas.ai/funds/iq-capital) — Series D
- OMERS — Series F
- Elliott Management (https://capitalatlas.ai/funds/elliott-management) — Series F
- Investment Quebec (https://capitalatlas.ai/funds/investment-quebec) — Series F