Technology is expanding and advancing quickly in the business world. Consumer demand drives software developers to continually change and evolve to rise to the insistence for more integrated forms of data with search engines that deliver more accurate results with greater speed. Coveo is a software as a service platform, also known as a SaaS. If you haven't yet heard of Coveo, you're not alone as it is one of the best-kept secrets in the tech industry. This successful company offers some of the most complex services for business with continued evolution. To help you become better acquainted with the firm, here are 20 things you didn't know about Coveo.
1. Coveo is a Canadian company
Coveo is also known by its formal business name as Coveo Solutions Inc. It was founded by Louis Tetu who is joined by Laurent Simoneau, Marc Sanfacon, and Richard Tessier in 2005. the company is a spin-off- of Copernic Technologies Inc. The headquarters is located in Quebec City, Quebec, Canada.
2. Coveo uses machine learning
Machine learning is one of the technologies that the engineers and technicians of Coveo use to deliver insights about the big data that is vital for business. There is a name for engines that use this type of artificial intelligence and it is also called Cognitive Search or Insight Engines. It's a smarter and more intuitive means of searching to find more specific types of data that are collected within massive databases or data dumps. This helps cut through unnecessary topics and more quickly find the kind of information that is needed by a business or individual. It cuts down on the amount of time it takes to sift through volumes of information, and this translates into a more streamlined operation for business, along with cost savings in terms of man-hours.
3. Coveo software combines several key technologies
We were impressed with the way Coveo software works to improve business. Professionals in need of detailed and specific information are aided through a combination of integrated plug-ins for the commonly used programs. It's a complex interconnection between Salesforce.com, Sitecore, Atlassian, Office 365, JIRA, Google Apps for Work, Jive, Dropbox, Lithium, YouTube, and these are just a few of the many programs that the software interacts with for cognitive search insight engines. Custom integration with these and other programs offers one of the most comprehensive and intuitive search engines for big data.
4. Coveo is a leader in Artificial Intelligence
This company fits into the AI-powered search and recommendations industry. The firm offers three main products for businesses. These are Coveo Search and Relevance Platform, Coveo for Sitecore, and Coveo for Salesforce. The key people in the leadership of Coveo are Louis Tetu, serving as chairman and CEO, Laurent Simoneau, Founder, President, and CTO. There are approximately 300 people employed at Coveo.
5. Coveo's Search & Relevance Platform is complex but easy to use
Coveo is about enterprising search technology. One of the main products is the Coveo Search & Relevance Platform which is a modular search technology with the power to index stored information in various parts of a company. The indexed content may be accessed more easily with usage analytics and enrichment of the metadata found in the indexed content to use search-driven interfaces to make it faster and easier to find specific content.
6. Coveo for Sitecore has expanded
The second main product is Coveo for Sitecore. This is a product that is used with the Sitecore Customer Experience Platform for integrated website searching. It allows for the unification of indexing of many storage places in a company and it uses the technology of machine learning or AI for searching. This product has expanded to include four editions for Sitecore and it includes a Free version, a Pro version, Pro Cloud Enterprise, and Enterprise Cloud. This gives users a variety of options and the Free version allows for a trial of the basics to become acquainted with the product before purchasing.
7. There are four editions of Coveo for Salesforce
Coveo for Salesforce addresses the very important Customer Relationship Management for businesses with an AI-powered integrated search product that is used with Salesforce.com Service Cloud, Communities Cloud, App Cloud. This product performs the same functions as Coveo for Sitecore, with the exception that it is created for Salesforce. There are currently four editions of this product available including the Free version, Express, Pro and Enterprise. This makes the program more affordable for smaller businesses or those who do not need the tools found in the deluxe versions.
8. Coveo for Microsoft Dynamics 365 is a powerful AI search product
This product has been designed to work with the Microsoft 365 program through the use of AI technology that is integrated with the built-in global search box for Microsoft Dynamics. This allows businesses to integrate all content sources throughout the organization within a single unified search.
9. The firm has reached unicorn status
Coveo has reached a milestone in its development. The company has raised enough funds to place it above the $1 billion mark in its valuation. This puts it in the category of being a unicorn company. It recently joined this elite group of companies as the latest round of funding led by OMERS Growth Equity raised $172 million in USD and $227 in CAD.
10. Coveo has been on a hiring frenzy
According to CEO Louis Tetu, Coveo is following a strategic plan for aggressive growth and expansion of its platform. The firm is using the recently raised funds to accelerate operations, adding approximately 60 new hires to the company during each quarter. Tetu ventured that the number of hires per quarter may even increase beyond the targeted 60 workers.
11. Coveo works with more than 500 enterprise companies
Currently, Coveo supplies products for over 500 enterprise companies and they plan to continue marketing efforts to increase their customer base. Coveo executives are eyeing some of the larger companies like Netflix, Amazon, and those of comparable size as potential customers. They're working on expansion so the firm will have the capacity to take on some of the larger enterprises even beyond those that they are already working with.
12. Coveo plans to expand into healthcare
In the plans for expansion of services, Coveo is looking at entry into new industries. Healthcare businesses could benefit from the AI-powered searches that could potentially facilitate an integrated online platform for self-service interaction for patients. Healthcare businesses could create websites offering a more personalized experience that provides a user-friendly and seamless self-service interaction offering suggestions for the patients to make their experience effortless while providing the desired services and information, such as appointment scheduling, confirmation, and more. The implications could decrease the amount of time that medical staff spends assisting patients with time-consuming office related requests, phone interactions, and more.
13. Coveo can uncover elusive customers for businesses
The power of AI integration can help companies to gain a better understanding of some of their most elusive customers. Building customer relationships and managing these interactions is important in creating loyalty and repeat business. A greater understanding of the customers who seem to stay just off the radar in big data collections may help businesses to become informed about their needs, preferences, and patterns of behavior to encourage repeat business.
14. Coveo plans for acquisitions
A part of the overall growth and expansion strategy for Coveo includes the acquisition of other companies. Tetu shared that some of the funding raised will be used to purchase smaller companies that offer the products and services that will further enhance Coveo's products and services. Coveo acquired Tooso, an AI search and discovery startup with part of the funds raised in April of 2018 for an undisclosed amount. The funding round was led by Evergreen Coast Capital and brought in $100 million in a private equity round. Coveo is keeping an ear to the ground for new prospects that will add to its efforts and it's committed to the purchase of more companies in the near future.
15. Coveo is a privately held company
Entering 2020, Coveo is a privately held company that has not filed for its IPO. It is backed by venture capital and the executives have not made any announcements of plans to go public. This means that it does not offer stock shares for investment. Large venture capital firms have provided ample funding which makes it possible for Coveo to avoid the need to go public for fundraising.
16. Why Coveo hasn't gone public
Tetu discussed Coveo's status adn indicated that the firm probably would have gone public if there had been enough interest from the private market for their product. There wasn't a need for going for this kind of financing. Tetu, along with several other executives on the team have been involved with IPO filings in the past and with this experience in mind, it's not something that he or some of the others are anxious to become involved with. Although Coveo would be a good candidate to do so, it's something that the company's executives are not enthused about and so it's not likely to happen as long as current leaders are at the helm.
17. Coveo is sponsoring workshops
Coveo Impact is a series of workshops and training sessions for professionals in the customer experience division of their respective companies. The workshops delve into aspects of customer relationship management (CRM) and reveal how Coveo products can enhance CRM strategies throughout organizations. The workshops are intensive and provide useful information for those already working in the field. Attendees learn how to glean every detail of information about their customers and more, to grow businesses. Prices for the workshops start at $499 per person to $599 for the pre-event program with registration for the full conference priced between $799 to $1,499 per person. The event will be held on June 2nd through the Fort June 2, 2020, in San Francisco. Coveo is citing it as the "community event of the year.
18. Coveo addresses the "jargon gap"
Each business or industry has a unique collection of terms that are used in describing the products, services, or practices involved in a particular industry. When it comes to data retrieval, these unique terms become very important. Some businesses find themselves in a place where it is much harder to access information when mergers and acquisitions occur between companies that have different languages, cultures, and/or terms commonly used. Coveo enterprise search addresses these issues that are common in larger businesses to unifying information that sis disparate from several different sources, and languages, to form a more cohesive collection that lessens the confusion or elusiveness in data searches. This is where the Artificial Intelligence factor comes in handy. When jargon and unique terms are programmed into searches, it makes it easier to index information based on its meaning rather than the term.
19. Coveo has the potential to revolutionize business
While reading Coveo's 48-hours later blog, we came across some novel information about the firm. Not all businesses have technology as a part of their DNA. While it might appear that Coveo would not apply to such companies, the infusion of a user-friendly indexing and search service has the potential to revolutionize even those businesses.
20. Coveo is a big player in the Internet of Things
We found it strange that none of the information that was supplied about Coveo discussed the Internet of Things. The IoT is the interconnectedness of all things, particularly when it comes to big data and CRM. This company is helping to usher in a new age by providing precisely this kind of interconnectedness and integration that is destined to become the standard mode of operation in business of the future.
Written by Allen Lee
Read more posts by Allen Lee