OMERS leading $227-million funding for AI company

The Ontario Municipal Employees Retirement System, through OMERS Growth Equity, is leading a $227 million Series-F funding round for intelligent and predictive search technologies provider Coveo.

Founded in 2005, Coveo enables organizations to personalize digital experiences for customers, partners and employees. It combines unified search, analytics and machine learning to deliver relevant information and recommendations across websites, commerce, service and workplace applications.

The new funds will be used to support further product development, expansion in existing and new markets and to further broaden the team’s capabilities over the next year, according to a press release.

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“Our investment in Coveo aligns closely with our belief that growth in data along with advances in machine learning and artificial intelligence are becoming increasingly important to companies, to help them increase sales and reduce costs,” said Mark Shulgan, managing director and head of growth equity at the OMERS.

“The cognitive search industry is a large and growing market, and global enterprises of all sizes can create significant value throughout their organizations by empowering their customers and employees through search.”

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