INSUBCONTINENT EXCLUSIVE:
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
Today, one of the big startups building services in this area raised a large round of growth funding to continue tapping that
dollars.The round is being led by Omers Capital Private Growth Equity Group, the investing arm of the Canadian pensions giant that makes
large, later-stage bets (the company has been stepping up the pace of investments lately), with participation also from Evergreen Coast
Capital, FSTQ and IQ Ventures
solutions, Algolia, raised $110 million
The two aim at slightly different ends of the market, Tetu tells me, not directly competing in terms of target customers, and even
they include Google, Microsoft, Elastic, IBM, Lucidworks and many more
today and says SaaS subscription revenues grew more than 55% year-over-year this year
Five hundred may sound like a small number, but it covers a lot of very large enterprises spanning web-facing businesses, commerce-based
organizations, service-facing companies and enterprise solutions.In addition to Salesforce, it includes Visa, Tableau (also Salesforce
now!), Honeywell, a Fortune 50 healthcare company (whose name is not getting disclosed) and what Tetu described to me as an Amazon
discoverability and personalization that it provides helps its customers avoid as many call-center interactions (reducing operating
expenditures), improves sales (boosting conversions and reducing cart abandonment) and helps companies themselves just work
faster.Significantly, the area that Coveo works in is going through a noticeable shift these days.A swing toward stronger data protection
how different organizations manipulated user data across social networking sites and other platforms to target people with sneaky political
content and advertising to influence voting, subsequently cracking open the wasp nest to reveal just how much of our data is harvested and
the will of the people and legislation will go that way
In five clicks it can detect your propensity to buy and your interest
personalization market, the attraction here is not just about a company doing it well, but looking to skate to where the puck is going (see
Mark Shulgan, managing director and head of Growth Equity at Omers, in a statement
who deeply love the product, and a track record of high growth in a market worth over $100 billion
This makes Coveo a highly-coveted asset
the ball rolling on that, this past July, Coveo acquired Tooso, a specialist in AI-based digital commerce technology.
