Coveo is a software company that has successfully developed an AI-powered SaaS platform to inject search, recommendations and personalization into digital experiences. The company provides solutions across many of the digital touchpoints of a business, including eCommerce, service, website and workplace applications. Coveo aims to bring AI and relevance to organizations, enabling them to deliver the cross-channel experiences that people now expect using insight gained through consumer navigation behaviours to generate the most relevant information and responses to meet individual needs.
With its multi-tenant SaaS platform in hand and a desire to continue to innovate, Coveo decided to move into a new market, providing solutions for eCommerce. The company knew that to grow they needed to move in this direction, even though it would require a significant investment and amount of time to build out their technology. In 2017, Coveo first met Loïc Marchand, an Industrial Technology Advisor (ITA) with the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), who recognized the opportunity to help the firm accelerate the development of their technology and shorten time to market. This meeting would later result in NRC IRAP supporting a large scale research and development (R&D) project, which began in 2019.
Coveo, not unlike other businesses, had concerns over its ability to attract and retain technical resources to continue R&D work throughout the COVID-19 pandemic which exacerbated the competition for talent, but NRC IRAP funding enabled the firm to successfully continue innovating. Coveo has been able to continue this project without interruption, even growing its workforce to employ new talent in data engineering, AI & cloud computing.
The new product in the Coveo platform has been successfully launched and offers interaction analysis tools to detect shopper intent and identify trends to help drive revenue growth, reduce customer support costs and increase customer satisfaction. Getting this product to market faster has bolstered Coveo's presence as a leader in AI driven solutions.
Today, Coveo is recognized as a leader in cloud intelligent search solutions. The company recently closed a successful $247 Million initial public offering (IPO).
"Coveo has more than a decade of AI experience and 40 percent of our workforce is within R&D, focused on continual innovation. Despite the challenges of a global pandemic, Coveo was able to actively pursue our R&D goals with support from NRC IRAP. They have helped us with funding to expedite the development of our transformative technology - which is now one of the market leading and next generation AI-powered intelligent platform for the eCommerce sector."