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Coveo raises $227M at $1B+ valuation for AI-based enterprise search and personalization

Search and personalization services continue to be a major area of investment among enterprises, both to make their products and services more discoverable (and used) by customers, and to help their own workers get their jobs done, with the market estimated to be worth some $100 billion annually.

Today, one of the big startups building services in this area raised a large round of growth funding to continue tapping that opportunity.

Coveo, a Canadian company that builds search and personalisation services powered by artificial intelligence — used by its enterprise customers by way of clould-based, software-as-a-service — has closed a $227 million round, which CEO Louis Tetu tells me values the company at “well above” $1 billion, “Canadian or US dollars.”

Coveo’s round is coming about two weeks after another company that builds enterprise search solutions, Algolia, raised $110 million.

“We believe that Coveo is the market leader in leveraging data and AI to personalize at scale,” said Mark Shulgan, Managing Director and Head of Growth Equity at Omers, in a statement.

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