Coveo Raises $227 Million in New Funding

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Coveo, which specializes in artificial intelligence based software-as-a-service enterprise solutions, reported that it has closed on a new funding round.

The $227 million the company raised comes from OMERS Growth Equity, with participation from Evergreen Coast Capital, Menlo Park Ventures, FSTQ, and Investment Quebec

Full terms of the funding were not disclosed. OMERS and other investors. claims an equity investment of 15.5% in the company. After the transaction closes, Mark Shulgan will join Coveo’s board of directors. The company is based in Quebec, Canada.

Coveo says the new funding will help the company enable AI SaaS solutions to help more companies deliver world-class experiences that have become “the new normal” for tech giants. Kimberly-Clark, Harris, Mobile Iron and Informatica are among its core clients.

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