Quebec-based information management company Coveo has been granted $18 million in funding from a venture capital firm, the company announced in a press release today.
The money will come from Tandem Expansion Fund, a large investor in Canadian technology companies. Tandem’s managing director, Andre Gauthier, will now sit on Coveo’s board of directors.
Coveo specializes in enterprise tools for managing and deriving insight from big data, including both structured and unsurtuctured information. Its portfolio of products includes enterprise search, reporting and text analytics. Recently, the company unveiled a cloud-based application that can mine information from Salesforce.com.
The company reports that it has seen 80 to 100 per cent growth in licence revenue over the past few quarters and is now operating at profit, or close to it. It says the new funding will be used to grow the company in the face of anticipated demand.