Canada’s Coveo Reaches Unicorn Status With New Nine-Figure Round

Coveo says it uses artificial intelligence to help companies guess their customers (or employees) next step, need, or pain point.

“At a high level, we can help any company be like Amazon or Netflix, so to speak,” Tetu said of the software’s ability to personalize suggestions.

In the retail space, Coveo offers an AI-powered search to check out website visits of a customer, and then use those to bring up relevant suggestions.

Given recent chop in the late-stage market and how it has impacted how private market investors are said to vet investments, Coveo could be a company invested in under a new, stricter set of criteria.

Catching you up, after some late-stage companies have seen their valuations fall, investors in more mature private companies are said to have higher expectations for things like paths to profitability, and efficient growth.

As for whether or not the company will IPO in the near future, Tetu said Coveo could have gone public but there was enough interest and competitiveness from the private market for their product that staying private was a better outcome for the time being.

An IPO is a financing event, not a destination, Tetu said, and he and other executives on the Coveo team have been through public offerings before.

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